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August 23rd, 2012:

U.S. Oil Imports to Seen Hitting 20-Year Low

American Energy Coalition - August 23rd, 2012

A boom in oil production in North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42 percent this year, the lowest level in two decades, according to an article in Businessweek.

The article quotes Adam Sieminski, the head of the U.S. Energy Information Administration, as saying that dependence on crude oil purchased from foreign countries is on a pace to decline from last year.

"What's happening in North Dakota, and in Texas, with Eagle Ford, Bakken formation in North Dakota, is a tremendous development for U.S. oil production and economic growth," Sieminski said. 

In 2011, the U.S. relied on imports for 44.8 percent of its petroleum consumption, down from 60.3 percent in 2005, according to EIA data. This year, the nation should end up at about 42 percent, Sieminski told Businessweek.

North Dakota's oil output rose to 639,000 barrels a day in May 2012, the highest since at least 1981, the article states. Texas is at its highest level in more than 20 years, pumping 1.8 million barrels a day in April and May, according to the agency, a unit of the Energy Department that gathers data on energy production and use. 

Sieminski said the U.S. is already a net exporter of petroleum products - such as gasoline - and should be open to the possibility of selling some of its crude to neighboring countries. 

To read the Businessweek article, click here

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