For the last three weeks in a row, US crude oil production exceeded oil imports (see chart below). The last time that happened was in February 1995, more than 18 years ago. As US oil production continues to accelerate, the market for oil imports will continue to shrink.Every time I see these statistics I think of one of the nominees for the 2013 Geico Rock Award.
Rigzone reports today that the price of gasoline is the lowest in nearly two years, an early holiday gift for US drivers. Thank you Mr. Bakken.