Mexican Media Brands
U.S. Oil Production Tops Imports
Last month the U.S. produced more domestic crude oil 7.7 million barrels per day than it imported for the first time in 18 years, the Energy Information Administration reports.
#economics
Share
Last month the U.S. produced more domestic crude oil 7.7 million barrels per day than it imported for the first time in 18 years, the Energy Information Administration reports.
Petroleum imports are at a 22-year low, according to the agency. Analysts attribute the decline to a more efficient vehicle fleet and a significant uptick in the controversial use of fracking to extract crude from oil shale deposits.
Imported oil accounts for 40% of America's petroleum consumption, down from a peak of 60% in 2005. The EIA predicts that the net import ratio will fall to 28% next year, its lowest level since 1985.
The agency estimates that average U.S. crude oil output will grow from 7.5 million bpd this year to 8.5 million bpd in 2014.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.