Few, very few, would have thought it possible 10 or even 5 years ago. But domestic oil production is likely to increase about 40% just from 2011 to 2014.
According to EIA, the US averaged 5.6 million barrels per day in 2011 and 6.4 million in 2012 and will average 7.3 million this year and 7.8 million in 2014. http://www.eia.gov/forecasts/steo/.
Again, that works out to about a 40% increase. Amazing!
Though rising domestic oil production combined with falling oil consumption is cutting substantially US oil imports, the amazing boom in domestic oil production has also coincided with high globally-priced oil. Indeed, high global oil prices is the major economic reason that domestic oil production is surging.
Simply put, there is lots of money to be made in producing oil today. The other side of that coin is that there is substantial pain for consumers in paying high oil prices. In fact, the average family is paying 4% of their pre-tax income for gasoline, an amount that strains families and the US economy.