SOURCE: DeSmog Blog

DATE: October 11, 2017

SNIP: As Bloomberg put it recently, today “crude oil gushes out of the U.S. like never before.” U.S. exports of crude oil just hit a new record: nearly two million barrels per day. And while at DeSmog we predicted that “lifting the oil export ban will result in large increases in fracking for oil in the U.S.,” most industry experts at the time were making very different claims.

“It’s universally agreed in the short term that we won’t see a flood of ships leaving for foreign ports because the economics aren’t right,” Sandy Fielden, director of energy analytics at respected consulting firm RBN Energy, said in December 2015, just before the ban on crude oil export lifted. Fielden was explaining why lifting that ban wouldn’t result in a sizable and ongoing rush to export American crude.

The U.S. Energy Information Administration (EIA) had its most optimistic prediction for U.S. oil exports reaching two million barrels per day by 2050. They were only off by three-plus decades.