The U.S. will make major strides towards energy independence in the next two years as oil production and exports hit new highs, according to the Department of Energy.
U.S. oil production, already at an all-time high this year, will increase by another 2 million barrels per day by 2020, the agency's statistics bureau projects. The same year, the nation will start exporting more crude oil and fuel than it imports, the Energy Information Administration said in in its latest forecast.
American drillers pumped an average 10.9 million bpd in 2018, breaking the record going back to 1970. EIA sees U.S. output averaging 12.1 million bpd this year and 12.9 million bpd in 2020.
"According to the January outlook, the Permian region of Texas and New Mexico will continue to push U.S. production into record territory over the next 24 months, approaching 13 million barrels per day some time in 2020," EIA Administrator Linda Capuano said in a statement.