U.S. Regains Its Energy Clout as Ukraine War Enters Second Year

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More oil from shale regions such as the Permian Basin in western Texas is being directed to the Gulf Coast for shipment to overseas markets.Photo: Joe Raedle/Getty Images

A year of war in Ukraine has highlighted the return of oil as a source of U.S. financial influence and geopolitical power. 

As the West has shunned most Russian energy, unleashing a pressure campaign against the Kremlin’s petroleum revenues, record U.S. crude exports have helped fill the gap in Europe with the oil needed to produce gasoline, diesel and jet fuel.

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