US oil production exceeds imports

Domestic oil production in the United States hit a 24-year high last month, surpassing imports, according to data released by the Energy Information Administration (EIA) on Wednesday. The US crude oil output hit 7.7 million barrels a day in October, in a trend not seen since 1995. The EIA - the statistical arm of the Department of Energy - expects that foreign oil imports will constitute 28 percent of consumption in 2014, the lowest level since 1985. "This milestone is a result of both increased production and administration policies, like increased fuel economy standards, that cut oil consumption, cut carbon pollution and cut consumer bills," said White House Spokesperson Jay Carney. "These factors not only reduce our dependence on foreign oil but work to reduce overall carbon pollution in our communities," he added. Carney also stressed that a decrease in pollution does not mean a lull in the economy. "While carbon dioxide emissions are dropping, our economy is not slowing and our GDP continues to grow," he noted. "(President Barack Obama's) climate action plan will spark innovation across a wide variety of energy technologies, resulting in cleaner forms of American-made energy." "We are now importing less foreign oil than we are producing here at home, and that's something that is very welcome news indeed."