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Shell Seeks to Export U.S. Oil as Production Booms

Oct 12, 2012
(Dow Jones)

Royal Dutch Shell PLC said late Thursday it has applied for a permit from the U.S. Department of Commerce to export crude oil in a sign of how a boom in U.S. oil production from shale rock is reshaping the country's role in the global energy marketplace.

The U.S. currently exports less than less than one half of 1% of its total oil imports, according to data from the Energy Information Administration. However, the revolution in hydraulic fracturing technology that has coaxed large volumes of light sweet oil from shale rock previously thought unprofitable has generated an unprecedented boom that the EIA says will bring U.S. production to its highest level in nearly two decades next year.