Sen. Hoeven hails US leading oil export status

A new report by Rystad Energy projects that the United States is set to become the world’s largest exporter of oil, natural gas liquids, and petroleum products.

The report estimates that the United States will surpass Saudi Arabia and Russia by the third quarter of this year in overall exports. Also, it found that the United States is set to export more energy than it imports in 2020, which is the first time that has happened since 1953.

Sen. John Hoeven (R-ND) said energy independence has been beneficial in a variety of ways.

“North Dakota is a huge part of the growth in U.S. oil production,” Hoeven said. “When I started as Governor, North Dakota was producing less than 100,000 barrels of oil per day. Now our state’s production has grown to more than 1.4 million barrels of oil per day, second only to Texas. This renaissance in energy production is helping drive our strong economy and enhances our national security by reducing our reliance on exports from hostile regimes and less stable regions of the world. Further, it demonstrates that through innovation and a pro-growth business climate, which includes regulatory certainty, we can go head-to-head with anyone around the globe, including OPEC, which competes for access to the refineries on our east coast.”

While he served as the governor of North Dakota, Hoeven launched the EmpowerND initiative. An initiative to encourage investment in the industry as well as the deployment of new drilling techniques to unlock the energy potential of the region.

Then, as a U.S. Senator, Hoeven helped repealed the ban on oil exports and worked to advance priorities like regulatory relief, technology development and investment in energy infrastructure to allow the nation to produce more energy.