The Energy Information Administration is predicting another milestone on the path to North American energy independence. In its latest forecast, published Tuesday, the official U.S. data provider and forecaster, predicted U.S. oil demand will increase only slightly in the next few years, while output grows rapidly.
U.S. oil imports, long thought to be on an irreversible upward trajectory, will reach their lowest level for 25 years by 2014, the FT reports.
Of course, the driver of all of this is shale oil. Every day, the influence of the oil production boom that started in North Dakota reaches a little further into the oil market, most recently to New Jersey, as Ben Lefebvre of the WSJ reports.