Kemp: America's Energy Revolution Transforms International Relations
Coal exports have risen as the country's own power stations turn to cheaper gas. And U.S. refiners are becoming increasingly important exporters of diesel.
Energy trade is already finding ways around the patchwork of antiquated restrictions on exports of oil, gas and condensates.
Comparative Advantage
At the same time, the United States depends less and less on imported energy, especially from outside North America.
In 2013, the country is expected to have imported the fewest barrels of crude oil since 1994.
Even that probably understates the speed of the transformation and its impact on the trade deficit. In real terms, the trade deficit in petroleum and related items in November 2013 was the narrowest for well over two decades.
The economic impact has been profound. Abundant supplies of cheap domestic energy are now a crucial source of competitive advantage compared with rival economies in Europe and Asia.
A decade ago, U.S. policymakers and commentators were worrying about the loss of manufacturing to China based on cheap labour.
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