In his speech, Obama noted that “we buy…. less foreign oil than we have in twenty years.”
Indeed, the drop in oil imports has far exceeded anything Obama imagined just two years ago. In March 2011, Obama called for a one-third cut in imports by 2025. They’ve already dropped 16 percent.
Thanks to higher fuel efficiency standards, gasoline consumption is fairly flat. Thanks to the oil industry’s shale drilling boom, U.S. oil output is surging.
Domestic output jumped 22 percent in the past year to 7 million barrels a day, the highest level since 1992. The increase in U.S. production is equal to about 70 percent of Libya’s oil production. As a result, net U.S. oil imports have hit the lowe