The production of oil in the United States will surpass foreign oil imports sometime this year for the first time since 1995, according to the U.S. Energy Information Administration.
The milestone is driven by rising U.S. oil production, mostly from oil extractions from shale and other tight rock formations in Texas and North Dakota.
U.S. oil production will exceed 8 million barrels per day by the end of the year, the country’s highest production level since 1988.
As domestic supply rises, foreign imports are expected to fall below 7 million barrels per day for the first time since 1995. The top five sources of foreign imports, in order, are Canada, Saudi Arabia, Venezuela, Nigeria, and Mexico.
