The advent of shale oil production has transformed the US oil market. As production of US oil has increased the net imports of oil into the US has fallen from 10m barrels a day to something like 3m barrels a day. Covid crash in oil prices seems to have stabilised the US market at current levels of production and imports.{chart} As the largest net importer the oil until recently (China is larger now), and after the OPEC shocks of the 1970s, the US has kept a large inventory of oil. When we include natural gas and oil products the US is a net energy exporter, so there is probably less need for the US to keep oil ... (full story)