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, according to the Department of Energy.
Back in 2005, less than 70% of oil consumed by Americans was produced by US oil. Thanks to the developments in hydraulic fracturing technology, that number’s up to 86%.
“The US oil production increased last week to 8.97 million barrels per day (bpd), which is the highest weekly level amount of domestic crude oil production in the 32-year history of the Energy Information Administration’s “Weakly Petroleum Status Reports” starting in January of 1983,” writes Mark J. Perry of the American Enterprise Institute.
And within a few weeks, the US is expected to beat that number, and produce over a whopping 9 million barrels per day. (By comparison, Saudi Arabia produced roughly 9.8 million barrels per day in the previous year.)
Net oil imports have been tumbling. Back in 2005, the number was above 60%; today net oil imports are below 28%.
“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,'” writes Perry.