U.S. produces almost as much oil as it imports

05/9/2013 | CNBC

The U.S. is producing the most oil in 21 years, with the amount almost equal to imports. As the production gap narrows, futures prices of imported Brent crude and the traditionally less costly West Texas Intermediate crude are moving closer together. On Wednesday, the spread fell below $7.72 per barrel, the smallest number since December 2011.

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