U.S. oil output surpasses imports.

U.S. crude oil production exceeded imports last week for the first time in 16 years. Since January 1997, weekly U.S. crude imports averaged around 9.2M bpd, topping domestic output by 3.5M bpd. But by late 2014, U.S. crude oil output should surpass imports by nearly 2.5M bpd. A slow shift, 16 years in the making, is set to become a flood in little more than 16 months.