API: U.S. OIL SUPPLY/DEMAND IMBALANCE TO GROW WORSE

The American Petroleum Institute predicts U.S. oil import dependence this year may exceed the record 47.7% of 1977. Ed Murphy, director of API's finance, accounting, and statistics department, said that could occur if U.S. oil production speeds its rate of decline or if the economy recovers and oil consumption rises.

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