API STATISTICS SHOW U.S. OIL FLOW DOWN, IMPORTS ON THE RISE
The American Petroleum Institute predicts U.S. oil imports will average close to 50% for all of 1990 if present trends continue. API's yearend figures show that U.S. oil production in 1989 logged the sharpest annual decline in history: 553,000 b/d. To make up the shortfall in supply, imports climbed to a 10 year high. Edward Murphy, API director of finance, accounting, and statistics, called the production slump "by far the most notable change in the petroleum market in 1989."