CalDoofkinJr
4 years ago1,000+ Views
US Oil Outputs Outpaced Imports Last Month
First time the US has produced more than its imported since 1995. The trend is only expected to continue, with the US projected to be the world's largest producer of oil by the end of the decade. "Domestic crude oil output rose 11% year-on-year to a 25-year October high of 7.7 million barrels a day, while imports dropped 5% to 7.6 million barrels a day, the Energy Information Administration said. In March, the EIA tabbed October as the month that U.S. output would top imports. Rising output from shale oil fields and greater use of hydraulic fracturing and horizontal drilling is causing a renaissance in U.S. oil output, curbing the need for overseas oil. Crude output in 2013 is projected to hit 7.5 million barrels a day, an increase of 15.2%, or 990,000 barrels a day, from a year earlier. That would about equal the projected imports. In 2014, output is expected to climb 13.4%, or 1 million barrels, to 8.5 million barrels a day, a 28-year high. The rise is expected to slash net crude oil imports to 6.5 million barrels a day, the lowest level since 1992. Net imports of crude oil and refined petroleum products, like gasoline and diesel fuel, fell 16.5% in October from a year earlier, to 5.67 million barrels a day, the lowest in any month since February 1991. Total net imports of all oil products are expected to drop by 16%, or 1.2 million barrels a day this year, to 6.2 million barrels a day, the lowest level since 1987. A further 15% drop is expected in 2014, to 5.3 million barrels a day, the lowest since 1985."
5 Like
2 Share
1 comment
the us is going to be top oil producer in the world soon enough
4 years ago·Reply
5
1
2