High Oil Production Continues to Cut U.S. Oil Imports

High U.S. crude oil production will help further reduce America's reliance on oil imports during the next two weeks.

In it's monthly forecast, the U.S. Energy Information Administration said it expects the share of U.S. petroleum demand met by net imports to decline to 22% this year and fall to 20% in 2016...which would be the lowest level since 1968.

Net petroleum imports met 60 percent of U.S. consumption just 10 years ago.

Growing domestic oil production has contributed to a significant decline in petroleum liquid imports and is expected to average 9.5 million barrels per day next year.  That would be the highest annual output level since 1970.

Source:  EIA Radio