The RED line represents imports of oil. The BLUE line represents domestic (US) production of oil.
The RED line and the BLUE line cross circa 1994 and 2013.
In between these two time periods, imports of oil are greater than the domestic production of oil. It is hard to see, but 137,000 more barrels a day the U.S. produced than it imported in the week ending Nov. 8, 2013. (the tips of the lines cross on the far right). There are 42 gallons in a barrel.
|Source: Wall Street Journal|
We are producing more ourselves (good and bad there) and consuming more overall on a daily basis (good and bad there, too). In fact, 14.3% more.
FRACK!! (insert your own tone and emphasis).