84% of all HZ tight oil produced from the Permian Basin is now being exported, mostly to Asia, including China. Only 16% of that Permian production stays in the United States, to the benefit of the American consumer.
The United States is the 2nd largest crude oil consuming nation in the world; we're down to HZ tight oil in the Permian...THATS our hydrocarbon future. When its gone, we're fooked.
What are we doing with it? We're getting it out of the ground, on credit, then exporting it all away...below its extraction costs (including debt).
Not many make too big a deal about LTO exports, its because they falsely believe in the shale oil abundance narrative, that we have decades of the stuff, so much of it we can almost give it away.
Way before there is 100% transition to renewables in America we will become almost totally reliant on OPEC etal to meet our oil needs again...because we allowed private enterprise in our country to drain our remaining expensive, unprofitable oil resources, FIRST.
It will prove to be an enormous mistake. Watch.