United States imports of foreign oil are rising again after a long decline, as the continued depressed price of oil has forced domestic producers to cut back production.
Last year, the Organization of the Petroleum Exporting Countries opted to continue production despite falling oil prices. Member countries are now regaining market share they lost to oil companies pumping in Texas and North Dakota.
U.S. crude imports declined 20% between 2010 and 2014 amid the domestic energy boom but have recently started to rise again. Total crude oil imports rose for three straight months between April and July, according to the most recently available data from the Energy Information Administration. Imports of light crude grew more rapidly, from 5.6% of total imports in April to 11% in July.
If the Obama administration would change course and allow the United States to export its oil production, the likely mid-term result would be increased prices for domestically produced oil as well as the United States taking back some of the world market share from OPEC.