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U.S. domestic crude oil production exceeded imports last week for the first time in 16 years,...

U.S. domestic crude oil production exceeded imports last week for the first time in 16 years, according to the EIA's latest data. Since Jan. 1997, weekly U.S. crude imports averaged ~9.2M bbl/day, topping domestic output by 3.5M bbl/day. But by late 2014, U.S. crude oil output should top imports by nearly 2.5M bbl/day. A slow shift, 16 years in the making, is set to become a flood in little more than 16 months.
Comments (11)
  • Terry330
    , contributor
    Comments (866) | Send Message
     
    God bless President for this turnaround, high paying jobs,low cost gasoline.
    5 Jun 2013, 11:12 PM Reply Like
  • june1234
    , contributor
    Comments (2345) | Send Message
     
    good we becoming energy independent . Gas is still $4 a gallon where I live but Ill keep all that praise in mind
    6 Jun 2013, 09:19 AM Reply Like
  • tom_t
    , contributor
    Comments (258) | Send Message
     
    LOL, what turnaround? According to CNN, employment is at a 30-year low. High paying jobs? Where? I see a whole lot of people settling for work at Home Depot and Starbucks and McDonalds -- assuming they can find work at all. There are a million college degrees out there that so far are absolutely worthless.

     

    Just because you can fill your tank under $3.50/gallon doesn't mean everything is rosy.
    6 Jun 2013, 09:39 AM Reply Like
  • Petrarch
    , contributor
    Comments (577) | Send Message
     
    absolutely nothing to do with Obama.
    in fact it is in spite of his efforts to hinder exploration and production

     

    P
    6 Jun 2013, 09:59 AM Reply Like
  • SoCalNative
    , contributor
    Comments (376) | Send Message
     
    I thought you were an atheist, Terry?
    6 Jun 2013, 11:39 AM Reply Like
  • mike904
    , contributor
    Comments (578) | Send Message
     
    I fail to see any significance in this "revelation". Who cares. We're still importing. The US "energy miracle" takes us back to,, geez, when we were still a huge importer.

     

    13 years ago, oil was $18 a barrel. We import what we imported 13 years ago and pay 5 times more for it. Domestic consumption is also back to where it was, not 13 years ago but 15 years ago. Even at these elevated levels, oil companies can barely make money on domestic consumption.

     

    After drilling 28,000 wells a year and the miracle called fracking, we still import natural gas, 8% of consumption. We import processed food, pretty much anything that involves a person getting up off his lazy ass and picking it, we import almost all of our manufactured products. We prodoce feed grains, milk and meat and we have to import Mexicans or even THAT industry would be shut down.

     

    America has no energy policy. The only thing we manufacture is debt.
    6 Jun 2013, 05:49 AM Reply Like
  • positivethoughts
    , contributor
    Comments (1769) | Send Message
     
    You also export alot of war. America is great at starting wars.
    6 Jun 2013, 08:00 AM Reply Like
  • SoCalNative
    , contributor
    Comments (376) | Send Message
     
    @postive:
    We used to be better at finishing them!
    6 Jun 2013, 11:40 AM Reply Like
  • KJP712
    , contributor
    Comments (419) | Send Message
     
    Soon you will need a college degree to become a cashier.
    6 Jun 2013, 01:22 PM Reply Like
  • positivethoughts
    , contributor
    Comments (1769) | Send Message
     
    And to train that cashier ready worker, it will cost $500,000 in the new education economy.

     

    My parents are more talented than myself, and more talented than any young person I meet, yet they were able to make it with a good high school education. Now, even to watch other people's kids in a daycare, you need a ECE degree.
    6 Jun 2013, 02:12 PM Reply Like
  • All Cing I
    , contributor
    Comments (2) | Send Message
     
    Let's import more Elon Musks and subsidize exports of our krony kapitalist " public servants" !
    6 Jun 2013, 10:53 PM Reply Like
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