CNN was obviously excited by the news, and jumped right on the story.

The Associated Press and others quickly followed the WSJ’s lead and breathlessly reported this news.

So I guess there’s no need to conserve energy, improve mileage standards on cars, build public transit, etc.  Right?  We have so much fuel we’re exporting it.

Ok, maybe it’s time to lace up those shoes.  If we pay close attention in those stories, it’s apparent that this wasn’t much of a milestone at all, but the truth is buried deep within and reported so unclearly it’s hard to make out.  The headlines, on the other hand, are designed to convey the sense that either we’re using so little oil (because of a bad economy) that we don’t need to import much or that we’re producing so much that we have extra to spare.

Either way, this story is perfectly designed to be spun against all sorts of progressive efforts to move towards renewables, efficiency, and energy independence.

Ok, let’s establish some basic facts and see what sort of truthiness the Wall Street Journal was pushing here: