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.
|100 People you Should Follow on Twitter in 2014|
|How the heck does the stock exchange work, anyway?|
|This Video Will Make You Wish You Were an Entrepreneur in the 1980s|
|The Chinese Train That Never Stops|
|Even the Shopping Cart Needed Marketing|
|Entrepreneurs Take Too Many Showers|
|Science is Cool, Even the Science of Christmas Trees|
|3D Print Your Unborn Baby|
|How to Attract Better Clients|
|The Economics of North Dakota’s Oil Boom|