U.S. crude-oil imports fell to the lowest level in almost 16 years as domestic output rose, the Energy Information Administration reported. Shipments of foreign crude fell 1.1 percent to 7.41 million barrels a day, the fewest since January 1998, based on the four-week average through Dec. 27, according to data released today by the EIA, the Energy Department’s statistical arm. U.S. crude output surged to a 25-year high on rising production from shale formations. “Imports are falling because we can produce more oil now,” said Michael Lynch , president of Strategic Energy & Economic Research in Winchester, Massachusetts . “That can save us tons of money and is good for the economy.” Fracking and horizontal drilling have boosted shale oil output from the Bakken formation in North Dakota and the Eagle Ford in Texas . Domestic production increased to 8.12 million barrels a day last week, […]