Domestic production of oil in the United States increased at the fastest rate of any country between 2008 and 2010, and grew much more quickly than the country's closest competitor, Russia. This torrid growth has reversed the trend of the previous four decades, which was of diminishing production, The Billings Gazette reports.
A strong increase in production activity in the Bakken formation, along with a few other plays, have contributed to a significant increase in domestic production, according to the media outlet.
One state in particular that is exploiting and benefiting from this energy boom is North Dakota. The state will set a new record for crude oil production in 2011 if it maintains its current level of activity, The Jamestown Sun reports.
James Burkhard, who serves as the managing director IHS CERA's Global Oil Group, told the Montana Petroleum Association that domestic oil production in the U.S. shot up by 1.2 million barrels between the years of 2008 and 2010, according to The Billings Gazette
Gains in domestic oil production can reduce dependence on foreign oil, which necessitates the U.S. importing 9 million barrels of oil per day for $100 a barrel, the media outlet reports.