U.S. Crude Imports Drop to 17-Year Low as Output Rises
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U.S. crude imports dropped to a 17-year low last week as the shale boom bolstered output, moving the nation closer to energy independence.
Arrivals slid 658,000 barrels a day to 6.47 million, the least since January 1997, the Energy Information Administration said today. Output rose 6,000 barrels a day to 8.43 million in the seven days ended May 16, the most since October 1986.