EIA: U.S. oil production tops imports for first time since 1997

06/5/2013 | Bloomberg Businessweek

U.S. oil production for the first time since 1997 topped crude oil imports in the seven days that ended May 31, according to a report from the Energy Information Administration. Production rose to 7.3 million barrels per day last week, compared with imports that totaled 7.27 million barrels per day, EIA data showed. Technological advancements in drilling have helped producers tap hard-to-reach shale formations, which in turn has contributed to the surge in production.

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