U.S. dependence on petroleum imports is growing more rapidly this year than in 1998, due to months of declining domestic oil production spurred on by historically low prices, American Petroleum Institute said.
API said total imports of crude and products averaged 10.4 million b/d for the first 5 months of the year, down from the same period a year ago.
"But imports a year ago greatly exceeded immediate needs, because companies were building their stocks while oil supplies were relatively cheap. This phenomenon masked a realistic assessment of the growth in import dependency," API said.
U.S. crude oil production of 5.893 million b/d in May was down 6.8% compared with May 1...