Booming production and falling imports shift its role in the business cycle. : The oil market has changed a lot over the past decade. Here, for example, is the latest data on US imports and exports of crude oil and petroleum products, released by the Energy Information Administration at the end of last month:The US has gone from a big-time net importer of oil to a small-time one. The latest base-case forecast from the EIA is that it will be a “modest net exporter” from 2029 through 2045.