Sep 16, 2019
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Realbusiness.club Trump dubiously takes credit for US energy independence from Saudi Arabia, as oil prices spike after drone attack

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President Donald Trump on Monday said the US was no longer dependent on Middle Eastern oil, a statement made in the wake of the weekend’s destabilizing attacks on a Saudi production facility. „Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter,…


Realbusiness.club President Donald Trump on Monday said the US was no longer dependent on Middle Eastern oil, a statement made in the wake of the weekend’s destabilizing attacks on a Saudi production facility. „Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter, & now the Number One Energy Producer in the World,“ he wrote. On Saturday two oil facilities in Saudi Arabia were damaged in attacks for which US officials have blamed Iran. Visit Business Insider’s homepage for more stories. President Donald Trump in a tweet early Monday attempted to calm reactions to spiking oil prices by saying the US was no longer dependent on Middle Eastern oil, a situation for which he took personal credit. „Because we have done so well with Energy over the last few years (thank you, Mr. President!), we are a net Energy Exporter, & now the Number One Energy Producer in the World,“ Trump tweeted. „We don’t need Middle Eastern Oil & Gas, & in fact have very few tankers there, but will help our Allies!“ While the US imports less Saudi oil than it used to, however, it still receives 9% of its supply from the country. It is also debatable whether Trump is personally responsible for the change. Trump issued the tweet after attacks on two oil facilities in eastern Saudi Arabia on Saturday caused global oil prices to spiral. Iran has denied accusations by the US that it was behind the attack. In January, the US Energy Department said a boom in US oil and gas production would make the US a net energy exporter by 2020. According to some reports, the US has been the largest global energy producer since 2014, about halfway through President Barack Obama’s second term. The sources of the boom are in the shale-oil revolution, which began last decade. But experts say the US still won’t be fully energy independent in 2020, as its refineries rely on the medium and heavy crude oils found overseas and not just the lighter crude oil extracted in the US. Recent US government figures, dated to 2018, said the US imported about 900,000 barrels of Saudi oil a day, 9% of its total imports. The same figures said 16% of US oil came from the Persian Gulf region and 29% from countries in the OPEC cartel. „Until the US refining sector is able to process more lighter crudes, we’re never going to have energy independence,“ Joe McMonigle, an Energy Department official under President George W. Bush, told CNN.

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