Energy Independence
U.S. oil production grew more in 2012 than in any year in the history of domestic oil production which began back in 1859. Daily crude output averaged 6.4 million barrels a day hitting a 15 year high. The U.S. Energy Information Administration expects 2013 will be even greater with daily production expected to increase almost 1 million barrels a day. With the sluggish economy and fuel economy of vehicles increasing, oil demand fell to a 16 year low in 2012. Total oil imports to the U.S. also fell by 6.9% to a 15 year low. In a related development, ExxonMobil predicts that North America will become a net exporter of all energy by 2025 due to energy development in the U.S. and Canada.