U.S. oil production exceed imports , the first time since 1995
U.S. oil production exceeded oil imports for the first time in almost two decades in October , the government said on Wednesday .
Assisted mainly by the production of new refineries based shale reserves ( shale ) , domestic oil production reaches 7.7 million barrels per day last month , the highest in 24 years , AFP reported .
Oil imports , long seen as a strategic and economic weakness for the Americans , sunk far below the lowest level to the 17 - year , according to the Energy Information Agency ( EIA ) .
The last time U.S. oil production exceeded its oil imports was in February 1995 , when domestic demand soared while production continues to slowly decline , the EIA said .
Occurrence of hydraulic fracturing or " fracking " , has allowed drillers to unlock reserves in the shale strata ( shale ) are difficult exploited and brought a rapid rise in the production of oil and natural gas .
This shift has been taking the U.S. dependence on oil imports to less than 40 percent of domestic consumption , compared with more than 60 percent in peak import dependence in 2005 .
EIA estimates imports will decline to just 28 percent of consumption in 2014 , the lowest level since 1985 .
The White House indicates that a shift in energy policy and conservation success .
" This milestone is a result of increased production and administrative policies , such as increasing fuel economy standards , which reduces oil consumption , and cut carbon pollution reduction bill consumers , " said White House spokesman Jay Carney ..
U.S. oil production exceeded oil imports for the first time in almost two decades in October , the government said on Wednesday .
Assisted mainly by the production of new refineries based shale reserves ( shale ) , domestic oil production reaches 7.7 million barrels per day last month , the highest in 24 years , AFP reported .
Oil imports , long seen as a strategic and economic weakness for the Americans , sunk far below the lowest level to the 17 - year , according to the Energy Information Agency ( EIA ) .
The last time U.S. oil production exceeded its oil imports was in February 1995 , when domestic demand soared while production continues to slowly decline , the EIA said .
Occurrence of hydraulic fracturing or " fracking " , has allowed drillers to unlock reserves in the shale strata ( shale ) are difficult exploited and brought a rapid rise in the production of oil and natural gas .
This shift has been taking the U.S. dependence on oil imports to less than 40 percent of domestic consumption , compared with more than 60 percent in peak import dependence in 2005 .
EIA estimates imports will decline to just 28 percent of consumption in 2014 , the lowest level since 1985 .
The White House indicates that a shift in energy policy and conservation success .
" This milestone is a result of increased production and administrative policies , such as increasing fuel economy standards , which reduces oil consumption , and cut carbon pollution reduction bill consumers , " said White House spokesman Jay Carney ..
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