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

|By:, SA News Editor

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.