From the WSJ last Friday:
“U.S. crude imports fell 9.2% in October from a year earlier to 8.091 million barrels a day, the lowest amount of imported crude since January 2000, according to U.S. Department of Energy data released today (see blue line in top chart above). The data are the latest illustration of how the drilling boom in North Dakota and other states is remaking the U.S. energy picture.
“The year-over-year drop of 816,000 barrels a day in crude imports was the eighth straight decline from year-earlier levels. The drop in crude imports came as domestic crude output rose 15.9%, or 935,000 barrels a day from year-earlier levels to 6.820 million barrels a day, EIA data show. That’s the highest since December 1993 (see red line in top chart).
“The surge was led by North Dakota, which saw its output rise in October to 747,000 barrels a day from 729,000 barrels a day.”
MP: The surge in domestic crude oil production in recent years, along with the decrease in crude oil imports, brought “net oil imports” to below 40% of U.S. oil consumption in October (39.8%), and the EIA’s preliminary estimates are that net oil imports fell even further in November to 38.4%. For the year to date through November, the EIA estimates that net oil imports in 2012 will account for only 41.1% of U.S. oil consumption, which is the lowest dependence on foreign oil in 20 years, since the 40.7% share in 1992 (see chart above).
As recently as 2006, domestic crude oil accounted for only about 40% of U.S. oil consumption and imports for 60%. In only six years, those shares of U.S. oil consumption have almost reversed, with domestic crude oil supplying almost 60% of America’s oil consumption this year, as the share of foreign oil has fallen below 40% in recent months. As the WSJ points out, the drilling boom in shale-rich states like North Dakota and Texas, thanks to advanced drilling technologies, is completely “remaking the U.S. energy picture,” and in the process remaking the U.S. economy.