fbpx

Nigeria’s Economy Slumps As U.S. Oil Exports Dry Up

Nigeria’s Economy Slumps As U.S. Oil Exports Dry Up

From NBC News

When the terrorist group Boko Haram kidnapped more than 250 Nigerian schoolgirls last spring, many news reports noted that Nigeria had long been one of the biggest suppliers of oil to the United States, suggesting that economic relationship gave Washington a strong incentive to help track down the kidnappers.

That was wrong.

In April, the same month the girls were snatched from an elementary school in Chibok, only 4.5 million barrels of Nigerian oil arrived at U.S. ports, down from a record high of 40 million barrels seven years earlier.

And by July, the spigot was shut off completely. Over the next six weeks, not a single drop of Nigerian light, sweet crude arrived in the U.S. – all of it replaced at Gulf Coast refineries by fracked oil from fields like the Bakken formation in North Dakota and Eagle Ford in Texas.

 

Read more at NBC News