In October, for the first time in nearly two decades, the U.S. produced more oil than it imported, with total crude oil output averaging 7.7 million barrels per day, the Energy Information Administration said in a report. Oil imports currently make up 40% of the country's total consumption, and EIA expects this figure will drop to 28% in 2014. The American Petroleum Institute gave the credit "to the men and women working every day to develop oil and natural gas here at home," said API Vice President for Regulatory and Economic Policy Kyle Isakower.

Related Summaries