U.S. Dependence on Foreign Oil Lowest Since 1995
"In 2003, the Bakken formation in North Dakota was producing a mere 10,000 barrels a day. Today, it is over 400,000 barrels, and North Dakota has become the fourth-largest oil-producing state in the country. Such "tight" oil could add as much as two million barrels a day to U.S. oil production after 2020—something that would not have been in any forecast five years ago.
Overall U.S. oil production has increased more than 10% since 2008. Net oil imports reached a high point of 60% in 2005, but today, thanks to increased production and greater energy efficiency (plus the use of ethanol), imports are down to 47%."
MP: The chart above displays oil imports as a share of U.S. consumption back to 1973 (data here), showing that dependence on foreign oil has fallen to 46.3% this year (average through September) and is the lowest in 16 years, since the 44.5% share in 1995.