From EIA, and BEA NIPA:

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Source: EIA via Forbes.

Per WSJ, we’re pumping so much that parts of Texas are buckling and swelling.

And here’s the US net exports of petroleum goods (in $) from NIPA.

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Figure 1: US Net exports of petroleum goods, in bn. $, SAAR (blue, left scale), and as share of US GDP (tan, right scale). NBER defined peak-to-trough recession dates shaded gray. Source: BEA, 2024Q1 advance release, NBER, and author’s calculations.

On an economics note, increased production of petroleum products does not necessarily change the impact on inflation of an oil price shock (consumption per unit of GDP, central bank credibility might have a bigger role). However, as the US becomes a bigger and bigger exporter of petroleum products, an oil price increase becomes less and less a negative terms of trade shock. In addition, in terms of aggregate demand, oil price increases are going to be less of a negative.

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