Edward Conard

Top Ten New York Times Bestselling Author

  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “…a must-read for serious students of economic policy.” - Glenn Hubbard, Dean, Columbia Business School, and former Chairman of the Council of Economic Advisers
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “Unintended Consequences represents the most cogent and persuasive analysis of the Financial Crisis to date.” - Andrei Shleifer, 1999 John Bates Clark Medal Winner
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
Upside of Inequality Oxford Unintended Consequences

AI Summary. The US produces more crude oil than any other country and, counting total petroleum products, more than Saudi Arabia and Russia combined, with crude and natural gas output at record highs and gas production up 7% from its 2019 peak. Net US energy exports reached $70bn over 12 months despite falling oil and gas prices.

Joseph Politano Apricitas Economics
Date Posted:

US net energy exports were at least $70B in the last 12 months, a number that is set to grow as the US economy decarbonizes allowing more exports to more hydrocarbon-intensive emerging markets. @JosephPolitano

Is US energy production at record highs and driving net exports?

Core argument: Net US energy exports reached $70bn over the last 12 months despite falling oil and gas prices, with American crude oil output setting a record high as of September.

The US produces more crude oil than any other country by a significant margin, and when looking at total petroleum products (including hydrocarbon gas liquids like propane and biofuels like ethanol) the US makes more than Saudi Arabia and Russia combined. As of September, American crude oil production has set a new record high, US natural gas production has continued setting new record highs and is now up 7% from its 2019 peaks. In other words, the US is now producing more energy than ever before, and that growing surplus is being sent abroad—net US energy exports have reached $70B over the last 12 months despite falling oil and gas prices. In fact, US supply growth has been a large factor behind those falling prices in a year where OPEC+ producers have seen significant ongoing production cutbacks.

Takeaways by Macro Roundup® AI

  1. Net US energy exports reached $70bn over the last 12 months despite falling oil and gas prices, with American crude oil output setting a record high as of September.
  2. The US produces more crude oil than any other country by a significant margin, and its total petroleum products output—including hydrocarbon gas liquids and biofuels such as ethanol—exceeds Saudi Arabia and Russia combined.
  3. US natural gas production has continued setting record highs and stands 7% above its 2019 peak, with US supply growth a large factor behind falling prices in a year of significant OPEC+ production cutbacks.

Related Articles:

  • Oil Market Caught By Surprise As US Output Surges — US crude oil production reached an all-time high of 13.2mn barrels a day, more than any other country and about one in eight barrels of global output, outpacing official forecasts. The International Energy Agency attributes 80% of this year's growth in global oil supply to the US, complicating OPEC+ efforts to prop up prices through output cuts.
  • The Changing Nexus Between Commodity Prices and the Dollar: Causes and Implications — The shale boom turned the United States into a net exporter of natural gas and of oil, altering how commodity prices relate to US trade. Where higher oil prices were historically associated with a deterioration in US terms of trade, they now correspond to an improvement.
  • US Shale: The Marginal Supplier Matures — The responsiveness of US oil supply to prices has declined and is estimated to be much smaller for publicly traded producers than private ones, with a 10% price increase raising US liquids output by roughly 1%, or 200,000 barrels a day. That implies US supply would offset only about 20-25% of a geopolitical supply shock.
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