Bloomberg -- "A boom in oil production from the shale formations of North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42% this year, the lowest level in two decades. Dependence on crude purchased from foreign countries is on a pace to decline from last year, Adam Sieminski, the head of the U.S. Energy Information Administration, said during a Bloomberg Government lunch yesterday in Washington."
"Higher oil prices and an increased use of a drilling technique known as hydraulic fracturing has producers including Continental Resources Inc. (CLR), Marathon Oil Corp. (MRO) and Hess Corp. (HES)boosting production from oil-rich geologic formations. Hydraulic fracturing involves pumping millions of gallons of water into the ground to free oil and natural gas and has been widely used in shale-rock formations such as the Bakken of North Dakota and Eagle Ford in Texas."
“What’s happening in North Dakota, and in Texas, with Eagle Ford, Bakken formation in North Dakota, is a tremendous development for U.S. oil production and economic growth,” Sieminski said.
"In 2011, the U.S. relied on imports for 44.8% of its petroleum consumption, down from 60.3% in 2005, according to EIA data (see chart above). This year, the country should end up at about 42%."
MP: The chart above shows net oil imports from 1992 to 2012 based on EIA data through June. For the January-June period this year, net oil imports have fallen to an average of 42.2%, which is the lowest level since 40.7% in 1992, 20 years ago. In comparison, net oil imports during the first six months of 2011 were 46.8% and were 50.9% during that period in 2010.
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