Alexey Belogoryev, Research and Development Director of the Institute for Energy and Finance, commented to the Novye Izvestia newspaper on the role of hydrocarbons in the US exports and the role of the US shale production for the global oil market.
Alexey Belogoryev recalls that the positions of the oil and gas lobby have strengthened after the "shale revolution":
As can be seen from the structure of GDP, the US can be called the gas station with a very big stretch. The conclusion is simple, that America is very far from a commodity economy. This also reflects the US budget, the expert says:
— The oil and gas and coal lobby in America has always been very strong and still plays an important role, although it is under great pressure from supporters of reducing gas emissions. The fact that energy commodities play a big role and account for a large share of total exports is not surprising, as it has been the case over the past decades. Another thing is that prices on world markets are changing, this affects the profitability of these supplies. In addition, production has grown in the wake of the shale revolution over the past 15 years. If we talk about gas, the United States is becoming an increasingly large exporter of LNG, which is also a new revenue item.
However, the United States did not become the main factor in the decline, as it was in 2014 at the dawn of the shale revolution. Alexey Belogoryev believes that the market has adapted to shale oil from America.
— The share of raw materials does not prevail in total US exports. Energy — even more so. In this, the United States differs from the Russian Federation. Russia is more dependent on the export of oil, petroleum products and gas.
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