Improving U.S. oil production reaches milestone in October, agency says
The United States produced more crude oil in October than it imported for the first time since early 1995, as domestic shale oil output continued to surge and U.S. consumption of petroleum products remained relatively flat, the Energy Information Administration said Wednesday.http://www.washingtonpost.com/rw/2010-2019/WashingtonPost/2013/11/14/National-Economy/Graphics/w-oil1114.jpg
The trend is expected to continue for another decade as U.S. domestic oil supplies grow and reliance on imports shrinks, easing one of the main sources of pressure on global oil markets.
The turnaround in U.S. oil fortunes has been rapid. Five years ago, U.S. oil production hit a 62-year low. Since then, domestic production has increased by more than 50 percent.