Since the shale gale kicked into high gear in the last decade, North America’s energy landscape was fundamentally transformed. Encouraged by recent high prices, full-throttle development from shale producers had led to record exports. Crude export (excluding Canada) have risen from zero in 2015 to about 1.5 million barrels per day (MMbbl/d), natural gas net trade has swung in the same time period from a deficit of 3 billion cubic feet per day (Bcf/d) to a surplus of 1 Bcf/d, largely through pipelines to Mexico and LNG via the Gulf Coast.

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