U.S. oil production is undergoing a renaissance, driven by the same technologies — hydraulic fracturing chief among them — that upended the gas industry. Domestic production is up some 20% since 2008. To put that into perspective, production had fallen by more than a third in the prior 20 years, and most experts figured the downward plunge was irreversible (see chart above).
The impact on imports is even more dramatic. Five years ago, the U.S. was importing 60% of its oil, a figure that had been rising since the early 1980s. Today, the U.S. imports just over 40% of its oil, the smallest share in 20 years.