Great for those of us buying gas…
Check it out:
Crude oil from OPEC countries to the U.S. are at their lowest levels since 1987, falling nearly 60 percent from their peak in 2008 when prices were much higher and hydraulic fracturing spurred a domestic energy boom.
Between January 2008 and October 2014 crude oil imports from OPEC nations fell from 6.4 million barrels a day to 2.6 million barrels per day — a 59 percent decline in just six years.
The 3.8 million barrel per day decrease in oil imports has been accompanied by a production increase from 5.1 million barrels per day in January 2008 to just over 9 million barrels per day in October 2014.