US becomes net oil exporter for 1st time in 75 yrs; Opec's power diminishes

The shale revolution has transformed oil wildcatters into billionaires and the US into the world's largest petroleum producer, surpassing Russia and Saudi Arabia

America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil and marking a pivotal -- even if likely brief -- moment toward what US President Donald Trump has branded as "energy independence". 

The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas and New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.

While the country has been heading in that direction for years, this week's dramatic shift came as data showed