With domestic oil and gas production on the rise, net U.S. energy imports plunged last year to its lowest level in two decades, according to the U.S. Energy Information Administration.
Advances in technologies such as hydraulic fracturing drove net imports down 19% in 2013 from 2012, the agency said in a report.
Total U.S. crude oil production jumped 15% in 2013, the report said. More of that fuel stayed in the country as export growth slowed as well.
By 2015, the U.S. is forecasted to surpass Saudi Arabia and Russia as the world’s top oil producer and edge closer to energy independence in the next two decades, according to a report by the International Energy Agency.
Greater domestic energy production will also help stabilize retail gasoline prices for drivers in the U.S. The average cost of a gallon of regular gas was $4.01 on Wednesday, about four cents less than a year earlier.
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