Domestic Oil Production Exceeds Foreign Oil Imports For First Time Since 1995
The Department of Energy announced Nov. 13 the U.S. is now producing more crude oil domestically than what it imports from abroad.
Domestic crude oil production exceeded foreign imports in October for the first time since 1995. The White House credits new fuel economy standards for vehicles and an increase in biofuel production for the shift.
According to the U.S. Energy Information Administration, U.S. dependency on foreign oil has declined steadily since peaking in 2005.