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
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
Global Car Market to Shrink for 2-3 Years
Global sales of light vehicles will decline year on year through at least 2021, predicts LMC Automotive at its annual outlook conference outside Detroit, Mich.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.