Data from the U.S. Department of Energy's EIA website pages Here and here.
I make no representation here as to whether these trends will hold, but as they say on Wall Street: "the trend is your friend". My money says they hold even if my mouth won't commit.
Total U.S. domestic production and imports remains at or under 14mm bpd for the past 2 years, and had been as high as 18mm bpd in 2005. The downtrend of the last 4 months in net petroleum imports has overwhelmed the increase in domestic production that had kept this metric static for the past 2 years. A peak to trough decline of 1.7 million bpd.
As I have asked before: Where is the Oil that did not show up in the U.S.? Did the exporters cut exports? Or did the other importers import more than they had been? Every data point I read tells me, in so many words, that the other importers did not increase their imports (though everything cite's another source that cite's another source, etc... which leaves me cold. Of course, the EIA leaves me cold, too, but that and the IEA are the only sources we have).
So what's this have to do with Russia/Ukraine/Crimea?
Putin made a remark in the press that he could ruin the financial system of the West with a wave of his hand (pen). At first, I thought he was talking about the US$ and Russia's customers in Asia. Maybe. Or maybe Russia agreed to cut exports to keep the price high enough so that the fracking boom does not fall on its face. The U.S. actually finds itself in the position of desiring high oil prices! If Oil is $70, still very expensive historically, the fracking fields in North Dakota and Texas go bust and billions of $$ in capital equipment rusts in the rain. Was Putin reminding the U.S. of some such deal? Such a deal would be in both parties' interests... but far more so for the U.S. in the short term.
I cannot see how it is to Putin/Russia's advantage to undue the U.S.$ trade settlement for Oil at this moment or in this fashion. I can see how increasing domestic Oil production could collapse West Texas Intermediate prices in Cushing, OK, due to their unique pipeline and storage issues if helped along by international prices. I could see that outcome very easily. That would not be in the U.S. OR Russia's interests - but it is Russia that holds, and deals, the cards in that game.
The U.S. economy has proven that it can handle $100 Oil, even if 40% of the population cannot. (Not a single f**k is given in the U.S. about those people, and some of that attitude is rightly so: that population is busy consuming heroin, meth, and tattoos; does it really matter if they don't have enough fuel to get back and forth to the tattoo parlor? Lest you think I am being elitist... I am a product of the lower portion of the working class. The way up and out of that is not drugs and tattoos - but that is another issue for another time.) What the U.S. economy cannot handle is a collapse in domestic production caused by low Oil prices.