The amount of oil produced in the U.S., now at a 21 year high, is nearly even with the amount being imported, and the gap is narrowing.
The impact of rising U.S. oil production is also showing up rather dramatically in the futures market, where the price spread between higher priced international crude, or Brent, and domestic West Texas Intermediate is also narrowing. The spread was below $7.72 per barrel Wednesday, at its lowest level since December, 2011.
"All this oil we're producing is really starting to show up in the spread," said Gene McGillian, analyst with Tradition Energy. "...Reversing pipelines, rail traffic and barge traffic is getting oil to the American refineries."
"I think we could go to parity by the end of the year. The logistics and the rejiggering of the supply distribution system is really remarkable. By the end of the year, on top of all the pipeline efforts, we're going to have about 1.2 million barrels of oil riding the rails," said John Kilduff of Again Capital.
(Read More: Power Shift: Energy Boom Dawning in America)