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Page added on November 28, 2009

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U.S. is using less imported oil

A jump in U.S. oil production and lower demand for petroleum products this year have led to a sharp reduction in the amount of imported oil the country is consuming.

U.S. oil production is set to have its biggest annual jump in four decades, according to an analysis by Platts, a provider of information on energy and commodities. That and weak demand have sent net imports down sharply.

Domestic oil production this year has jumped 6.4 percent, the biggest rise since 1970. U.S. oil production increased to an average of 5.3 million barrels per day, which is the largest amount produced since 2004, according to Platts. The U.S. is likely to keep oil production in the range of 5 million to 6 million barrels per day for the next decade, Platts said.

That growth in oil production is being credited to the development of new oil fields in the Gulf of Mexico and, to a lesser extent, a rising amount of oil from the Bakken shale area that is being tapped in North Dakota.

Kansas City Star



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