U.S. OIL IMPORTS HIT RECORD; PRODUCTION SLIPS

01/31/1994
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 resulte...
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