By Aaron Levitt, InvestorPlace Contributor | Nov 18, 2013, 11:45 am EST
As crude oil production continues to rise, the energy industry is pushing hard for exporting our bounty
The hydraulic fracturing boom in the United States hit a major milestone last month. For the first time in nearly two decades, U.S. crude oil production exceeded imports.
According to the Energy Information Administration (EIA), daily oil production in October hit 7.7 million barrels, while we only imported 7.6 million barrels per day.
That’s truly an impressive feat — one that’s expected to get even better over the long term.
With shale formations like the Bakken and Eagle Ford continuing to churn out major increases in production, analysts estimate that the U.S. will be producing a record 8.88 million barrels per day by the end of 2014. Meanwhile, imports should fall to just 5.8 million.
And eventually, that import number could fall to zero — and that could happen sooner than many early predictions would indicate.
That all means one thing: exporting our crude oil bounty could be on our horizon. For investors, that opportunity could be huge.