Of all the developments to come out of the shale oil boom in the U.S., the idea that the U.S. could actually achieve energy independence seemed one of the most unlikely. After all, in late 2005 weekly net imports of crude oil and petroleum products had hit an all-time high above 14 million barrels per day (BPD). This was the result of years of growing U.S. demand and falling U.S. production. U.S. oil dependence had never been higher, and seemed destined to remain that way. Net imports — which represent the difference between the crude oil and petroleum products the U.S. imports and those it exports — continued to bounce around the 13 million BPD mark through 2007. Even as U.S. crude oil production turned higher, the idea that net imports could fall to zero seemed impossible. Each year of the shale boom, U.S. net imports of finished products […]