US Oil Imports Plummet
Crude oil imports into the United States in July dropped to 7.7 million barrels per day, the lowest level in 17 years, the American Petroleum Institute said.
API said the 7.7 million bpd was a 10.5 percent decline from July 2012. Domestic crude oil production, meanwhile, rose 17.4 percent from July 2012 to 7.5 million bpd. That marks the ninth consecutive month domestic oil production was more than the 7 million bpd mark and marked the highest output for any month in the last 22 years.
Oil and natural gas production in the United States is increasing thanks in part to new technologies used to access natural reserves trapped in underground shale formations.
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