Wow, if you told me just 10 years ago the US would become a net exporter of petroleum, I'd have laughed at you. The long-term prospects of oil in the US are poor, however. In the next 2-3 decades, renewables and electric cars will start exerting significant downward pressure on prices. US producers, especially frackers, are high-cost. Fracked oil usually costs $50/barrel or more. For this reason, fracking has only become widespread in the last decade, despite the fact that fracking has was invented in 1947.

Saudi makes oil for less than $10 a barrel. They and other low-cost producers are the only ones that will be able to compete after significant demand destruction occurs.