The Eagle Ford Shale in South Texas and the Bakken Shale in North Dakota are two relatively new oil fields that experts say can help the country offset foreign imports.
Just how much crude oil comes into the U.S.? The country in April was importing around 7.7 million barrels per day, according to the U.S. Energy Information Administration.
(The Eagle Ford in April was producing around 536,000 barrels of crude oil per day, according to the Texas Railroad Commission. The Bakken produced 735,000 barrels per day in May, according to Bloomberg News).
The EIA says U.S. imports are coming mostly from Canada (2.5 million barrels daily), Saudi Arabia (1.1 million barrels), Mexico (905,000 barrels), Venezuela (811,000 barrels), Iraq (455,000 barrels), Colombia (440,000 barrels), Nigeria (320,000 barrels), Ecuador (310,000 barrels) and Kuwait (232,000 barrels).
The EIA thinks that U.S. crude production could reach 10 million barrels per day between 2030 and 2040.
But EIA notes that the levels could be lower or higher, because shale drilling technology keeps changing.
“Estimates of technically recoverable resources from the rapidly developing tight oil formations are particularly uncertain and change over time as new information is gained through drilling, production, and technology experimentation. Projections embody many assumptions that might not prove to be valid over the long term and over all tight and shale formations.”
So how much crude oil will the U.S. produce? The only good guess is that the estimates will keep changing.