EIA outlook: Reversal in U.S. oil import dependency

The United States could achieve a net balance as liquid fuel output exceeds consumption and returns to its surplus status, which has not occurred since the 1960s. Economic, demographic, technological, social, and environmental determinants reveal a decline in vehicle travel demand, reducing forecasts for U.S. oil consumption. Policies that are designed to reduce oil demand for personal transportation are also a vital element of the U.S. ability to achieve net exporter status. Barring investments in refinery configurations, sustained increases in light sweet crude oil production may lead to relaxation of current export restrictions.