U.S. Oil to Gush Near Record by 2016

America is moving closer towards a goal of energy independence than earlier predicted.

The U.S. is expected to pump out a near record 9.5 million barrels of oil per day by 2016, according to a new forecast by the Energy Information Administration.

Faster-than-expected growth in emerging shale oil production is behind the higher forecast, which is 2 million higher than it was just a year ago.