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Chart of the Day: US Tight Oil Production and Gasoline Exports are Correlated. What is Next?
Summary
Figure (1) shows trends in US tight oil production and gasoline exports since the start of the US shale oil revolution in 2010. The volatility of gasoline exports is related to the seasonality of demand and refinery maintenance, but the correlation after normalizing gasoline exports is strong. The implications of this correlation (and causation) for the US and the world is significant as explained below.