America’s energy exports have hit record highs as the world navigates the uncertainty surrounding oil and gas shipments through the Strait of Hormuz.
U.S. exports of crude and petroleum products surged to a record 12.9 million barrels a day last week, according to data from the U.S. Energy Information Administration.
The Energy Information Administration predicted, in a separate analysis, that U.S. liquefied natural gas (LNG) net exports would grow 18 percent this year and another 10 percent in 2027.
The skyrocketing energy demand comes as countries attempt to replace supply disruptions in the Hormuz Strait, located just south of Iran.
The Strait of Hormuz was used to transport around one-fifth of the world’s oil and gas before the United States and Israel targeted the Iranian regime on Feb. 28, which caused Tehran to retaliate and close the crucial waterway….