A recent take on trade economics in the The Washington Post gets the basic principle about the trade balance right.
The average shale well in the United States uses about three million or four million gallons. That might seem like a lot, so it’s important to put that number into perspective. The amount of water used in fracking is a tiny fraction of total water demand, usually less than one per cent.
America’s recent increase in oil output – not the total production figure, just the increase – is more than the daily production from major oil-producing nations like Venezuela, Nigeria, Kazakhstan, Angola, and Libya.