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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.
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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.
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