The US is well on its way to energy independence.
The share of oil consumed by Americans that was produced in the US has sharply increased over the last 10 years, as you can see in this chart shared by Mark J. Perry of the American Enterprise Institute.
Back in 2005, less than 70% of oil consumed by Americans was produced by US oil.
But thanks to developments in the hydraulic fracturing technology, that number’s now up to a whopping 89%.
That would be the highest level of energy-self efficiency since 1984.
Additionally, net imports have also been tumbling over the years. Back in 2005, the number was above 60%, but today net oil imports are only 25.2% — the lowest level of net petroleum imports since 1971, Perry notes.
Recently, the Energy Information Administration said in its new survey-based output data that the US was pumping out just below 9.3 million barrels per day in June, slightly below May’s output. By comparison, Saudi Arabia’s pumped about 9.51 million barrels per day in May, down from March’s peak of 9.69 million per day.
“The Great American Shale Boom continues to set new production records and reach new milestones on a regular basis and has turned out to be the most dynamic, successful, and powerful single sector of the US economy, thanks to the ‘American-made’ drilling technologies pioneered and developed by America’s ‘petropreneurs,'” Perry noted last year.