Oil imports averaged a record 49.5% of consumption in the U.S. last year, while production continued its slide, the American Petroleum Institute reports.
The previous oil import record was 47.7% of consumption in 1977, when imports were 300,000 b/d higher than they were last year.
Government data show the U.S. is getting more oil from countries not belonging to the Organization of Petroleum Exporting Countries and less from OPEC than in 1977.
OIL IMPORTS
For 1993, U.S. oil imports averaged 8.494 million b/d, up 7.8% from the 7.878 million b/d imported in 1992. API said some of the increase in imports resulted from the building of inventory during the year, possibly in anticipation of future price increases that did not materialize.
"However," it said, "even after adjusting for the effect of inventory changes, the underlying growth in petroleum imports is at a rate of 4 5%/year."
Domestic crude oil production fell to less than 6.9 million b/d, its lowest level since 1958. Crude production averaged 6.86 million b/d, a drop of 4.3% from 7.171 million b/d in 1992.
The decline in U.S. crude production dates back to the mid 1980s, when congressional moratoriums on offshore drilling began to be felt and crude oil prices took a dive.
API said, "The decline in 1993 of more than 300,000 b/d exceeded the 1992 decline of 245,000 b/d. This large decline occurred despite some favorable developments in Alaska and the Lower 48 states.
"In Alaska, there was more development work and a new field came on stream. In the Lower 48, the long delayed production from the Point Arguello field off California was expanded."
Deliveries of petroleum products rose a negligible 0.4% to 17.163 million b/d. API said that was partly due to other power sources being substituted for petroleum, particularly natural gas which grew by 3%.
Because of energy substitution and efficiency gains, petroleum intensity (the amount of oil consumed per dollar of gross domestic product) fell 2% last year and has fallen by 9% during the last 5 years.
WELL COMPLETIONS
API said while the total number of U.S. wells drilled in 1993 increased 4.2%, the number drilled for oil declined for the third consecutive year.
It said 24,936 oil wells, gas wells, and dry holes were drilled in the U.S. last year, up from 23,931 in 1992.
In 1993, 8,274 were oil wells (down 7.5%), 9,693 were gas wells (up 16.3%), and 6,969 were dry holes (up 4.7%).
Exploratory completions fell 1.8% to 3,522. Exploratory gas completions were up 30.9% from 1992.
Development wells were up 5.3%, with oil completions down 7.1%, gas completions up 15.6%, and dry hole completions 11%.
Total footage in 1993 was up 9.4% at 138.775 million ft. Exploratory footage rose 1.9% and development footage 10.8%.
API said, "The seismic crew count appears to have stabilized at the dismally low rate of around 79, very close to the post World War II record low of 76 set in 1992.
"All of this suggests a continuing decline in the search for oil in the U.S. and portends a further falloff in crude oil production."
