U.S. Crude Production Exceeds Imports in October

New technology has fueled a domestic oil boom of such great proportions that the Energy Information Administration now reports that the U.S. is producing more crude oil than it is importing.

EIA, the Energy Department’s nonpartisan statistical arm, said U.S. crude oil production averaged 7.7 million barrels per day in October while 7.6 million barrels per day were imported. In addition, EIA said total net petroleum imports, which includes products like gasoline and diesel, were at the lowest point since February 1991.

According to the Energy Information Association, the U.S. is on track toward meeting all of its energy needs from domestic sources by 2035.

EIA spokesman Jonathan Cogan said the uptick in U.S. production “has been primarily driven by development of crude oil resources in shale and other tight rock formations, especially in North Dakota and Texas.”

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