Pic-of-the-Week: U.S. Crude Production Finally Surpasses Imports (05/19/2014)

U.S. Crude Independence Takes Important First Step – Surging domestic crude production finally surpassed the level of imports in early 2014. The roughly 1 billion barrel increase (50%+ gain) in annual production since late 2009 is mirrored by a 1 billion barrel decline in annual crude imports. The value of this production-for-imports swap is approximately $100 billion annually at current oil prices.

Despite this remarkable progress, the move toward crude independence will require much more domestic production. An additional 2 billion barrel increase in annual production would likely be needed to reduce imports to just our stable and reliable long-term trading partners.