And yet
U.S. crude oil production in first quarter of 2012 highest in fourteen years. Moreover, crude oil production within the United States has been increasing every year since 2008.
U.S. annual crude oil production (in thousands of barrels) peaked in 1970 at 3,517,450. It thereafter declined, bottoming out in 1976 before once again climbing. The second-highest peak was recorded in 1985, at 3,274,553. From there, except for a small one-year increase in 1991, production declined every single year through to 2008, when it reached a low of 1,811,817. The last time U.S. crude oil production was at that level was in 1949.
But since then, U.S. crude oil production has increased. It went up in 2009, 2010, 2011, and as the linked article shows, it appears 2012 will be another year in which it increases. (2011's production was 14% higher than that seen in 2008, and was the highest amount produced since 2003.)
(All data from the EIA.
Here is annual U.S. crude oil production in graph form. An an interactive data table can be found
here.)