U.S. crude oil production is expected to surpass U.S. crude oil imports by the fourth quarter of this year. That would mark the first time since February 1995 that domestic crude oil output exceeds imports, according to the latest monthly energy outlook from the U.S. Energy Information Administration.
The United States will still need to import crude oil to help meet domestic demand. However, total crude oil imports this year are on track to fall to their lowest level since 1997.
U.S. oil production is expected to continue to rise over the next two years as imports fall. As a result, the share of total U.S. petroleum consumption met by net imports is forecast to fall to 32 percent next year, the lowest level since 1985 and nearly half the peak level of 60 percent seen in 2005.
Jonathan Cogan, for EIA, Washington.
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