​WASHINGTON – The U.S. has produced more oil for the first time since 1993, the Financial Times reports. Output surpassed 7 million barrels daily, according to data released this week by the U.S. Department of Energy.
Domestic crude oil production jumped by 812,000 barrels per day, the most accelerated bump since the beginning of the U.S. oil industry. Net U.S. crude oil imports dropped by 437,000 barrels per day in 2012, the lowest level since 1997.
The increase in oil output can be traced to more hydraulic fracturing and horizontal drilling techniques that had been viewed as more expensive. The rapid rise of shale drilling and extraction caught analysts by surprise, and triggered hope that the United States could reach energy independence.
For example, Citigroup recently posited that North American production “should start to have tangible impacts both on global prices and trading patterns, and will eventually turn the global geopolitics of energy on its head.”
However, more production of oil within the United States has not translated yet into lower pump prices. The average cost of a gallon of regular gasoline has been climbing in recent weeks, with some experts predicting $4 by the summer driving season.​
