It’s doubtful that President Barack Obama will reach his ambitious goal of doubling U.S. exports between 2010 and 2015.
U.S. exports totaled $1.6 trillion in 2009 and rose by just $600 billion over the next three years, hitting $2.2 trillion in 2012.
But one industry has provided a robust boost for Obama’s export target: energy.
While the total value of U.S. exports has grown less than 40 percent since Obama announced his goal, fuel exports have grown twice as fast.
In January 2010, the United States exported 1.9 million barrels of crude and petroleum products per day. By May 2013, that had surged 83 percent to 3.5 million barrels per day.
Over at Carpe Diem blog, economist Mark J. Perry notes the value of those exports — nearly doubling since 2010.
Perry notes that in June, a record $7.3 billion worth of refined petroleum products was exported, compared to $3.7 billion in January 2010, when Obama announced his goal.
Here’s what that surge looks like:
Total U.S. exports also have risen, but the growth certainly hasn’t been as dramatic: