US oil production set to surpass imports

The U.S. oil production boom will soon hit another milestone: monthly domestic production is on track to surpass crude oil imports later in 2013 for the first time since 1995.

And then the gap will keep growing, according to the Energy Department’s independent statistical arm, which provides a look at the soon-to-cross lines here.

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“The gap between monthly U.S. crude oil production and imports is projected to be almost 2 million barrels per day ... by the end of next year,” the Energy Information Administration (EIA) stated Wednesday, citing data from its recent Short-Term Energy Outlook.

Crude oil production is expected to soar past 8 million barrels per day in late 2014, which would be the highest level in 25 years, according to EIA, while imports remain on a downward path.

The growth is occurring on the strength of surging production from shale and tight rock formations in North Dakota and Texas, EIA notes.