US oil output beats imports for first time in 18 years

[Sunlei]

US domestic crude oil production has exceeded oil imports for the first time since 1995, according to the Energy Information Administration (EIA). http://www.eia.gov/petroleum/drilling/

The domestic oil boom has been due mostly to fracking, a new technique used to get oil from shale deposits in locations like North Dakota and Texas. The technology has come under fire by critics concerned about the environmental impacts of the procedure.

The EIA says imports now make up 40% of US oil consumption - significantly less than the 60% peak reached in 2005.

The organization forecasts imports will make up only 28% of US oil consumption in 2014, which would be the lowest level since 1985.

http://www.bbc.co.uk/news/business-24935364

[badtoworse]

1. Isn't fracking great?

[Sunlei]

3. wait untill they frack out the easy stuff and start to shale-mine states like Utah.

They will have to dig the shale up and wash off the oil-sludge with solvents.

Instead there's so much easy quality crude that gushes out of the ground in other areas of the world like Africa we could make fair deals with other countries.

But noooo we have to squeeze out the nasty quality crude and ruin our lands. Use up all our water tables, contaminate our lands so that free federal subsidy money will continue to flow into old oil company hands.

[FarCenter]

4. Imports only work so long as you can pay for them.

Jobless claims drop, trade balance widens unexpectedly

http://www.nbcnews.com/business/jobless-claims-drop-employment-outlook-remains-clouded-2D11591246

Or so long as we can send them dollars and they send us oil.

[Laelth]

2. Fracking. Yuck!

James Earl Carter, Jr. was right in the late 1970s, and he's still right now.

-Laelth