US oil exceed imports

<p>EIA figures show US production of oil has exceeded that of its imports.</p>

For the first time since 1995, the US has produced more crude oil than it has imported.

This is according to the Energy Information Administration (EIA), which found that shale production was continuing to increase while consumption of petroleum in the US stayed flat.

The US' output of crude oil reached 7.7 million barrels per day during October and this is expected to increase to 8.8 million barrels per day by 2014.

Since companies have been using hydraulic fracturing to reach oil trapped in shale rock in areas such as North Dakota and Texas, domestic oil has been booming. Meanwhile, measures to reduce fuel consumption in the US have aided in reducing the amount that has needed to be used.

For the next decade, the US' reliance on importing oil is expected to shrink, reducing pressue on the global oil market.

By 2015, EIA says that the US could surpass Russia and Saudi Arabia to become the top oil producer in the world.

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