LCU:US oil production exceeds imports for first time in two decades
WASHINGTON (Alliance News) - US crude oil production exceeded monthly oil imports in October for the first time since 1995, government statistics showed Wednesday.
US production averaged 7.7 million barrels per day for the month while imports fell to their lowest level since February 1991, the US Energy Information Administration said.
"This milestone is a result of both increased production and administration policies, like increased fuel-economy standards, that cut oil consumption, cut carbon pollution and cut consumer bills," White House spokesman Jay Carney said of the 24-year high in production and 17-year low in imports.
He said the news coupled with decreasing carbon dioxide emissions from vehicles showed the economy could continue to grow without being damaged by tougher environmental regulations.
The government forecast that US production would average 7.5 million barrels per day for 2013 and 8.5 million barrels per day next year.
