U.S. oil production to surpass imports in 2013

The United States will produce more crude oil than it imports for the first time since 1995, according to federal projections for late 2013.

For the past couple of years, booming energy production in the U.S. has narrowed the gap between the number of home-grown barrels and the volume shipped in from overseas. The U.S. Energy Information Administration credits a rapid rise in oil production from shale and other tight rock formations in Texas and North Dakota and the steady decline of net oil imports.

The federal agency forecasts that, by the end of 2013, the U.S. will be pumping 2 million more barrels than it imports each day.

The EIA also projects that crude production will exceed 8 million barrels per day by the end of 2014, the highest level in a quarter century. Meanwhile, net imports will fall below 7 million for the first time since 1995.