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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.

U.S. Crude Oil Production and Imports
U.S. Crude Oil Production and Imports

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.

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Mark C. Snead is President and Economist at RegionTrack.

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