14 DAY TRIAL // Investments in renewables aside, the US still relies heavily on oil. What's more, the country has gotten quite good at producing it itself instead of having it shipped in from other parts of the world.
This past Wednesday, the US Energy Information Administration (EIA) released a new report saying that, in this year's October, the country produced significantly more oil than it imported.
Specifically, crude oil production averaged 7.7 million barrels per day. On the other hand, imports averaged 7.6 million barrels per day, Think Progress details.
According to EIA, it was back in February 1995 when the country's oil production last exceeded imports.
“Monthly estimated domestic crude oil production exceeded crude oil imports in October for the first time since February 1995, while total petroleum net imports were the lowest since February 1991,” the Administration wrote on its official website.
The bad news is that, although hydraulic fracturing has made it possible for the US to extract more oil, specialists estimate that, by the mid-2020s, extraction rates will begin to decrease.