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U.S. Oil Imports to Seen Hitting 20-Year Low 42% of Use

Bloomberg News -- A boom in oil production from the shale formations of North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42 percent this year, the lowest level in two decades.

Dependence on crude purchased from foreign countries is on a pace to decline from last year, Adam Sieminski, the head of the U.S. Energy Information Administration, said during a Bloomberg Government lunch yesterday in Washington.

Higher oil prices and an increased use of a drilling technique known as hydraulic fracturing has producers including Continental Resources Inc. (CLR), Marathon Oil Corp. (MRO) and Hess Corp. (HES) boosting production from oil-rich geologic formations. Hydraulic fracturing, or fracking, involves pumping millions of gallons of water into the ground to free...


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Submitted Aug 23, 2012 By: 1studman
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: U.S. Oil Imports to Seen Hitting 20-Year Low 42% of Use Back to Topics
REPLIES (newest first) Post a Reply
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sparky808
Champion Author Honolulu

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Message Posted: Aug 24, 2012 12:22:09 PM

Thank you for posting.
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KrsnaDragon
Champion Author Montreal

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Message Posted: Aug 24, 2012 4:28:52 AM

Informative.
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5kvdave
All-Star Author Los Angeles

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Message Posted: Aug 24, 2012 12:07:27 AM

WHATEVER!!!!!!
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Zonk
Champion Author Michigan

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Message Posted: Aug 23, 2012 11:46:12 PM

It's not a function of how much we drill in the U.S. We drill more, we export more.
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TFowler513
Champion Author Memphis

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Message Posted: Aug 23, 2012 11:31:12 PM

Soon pure water will be the commodity.
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miser709
Champion Author Grand Rapids

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Message Posted: Aug 23, 2012 11:30:05 PM

All that "hydraulic fracturing" helped to raise gas prices to 3.95 gallon here today. NICE! What next, pollute the ground water.
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caravanguy
Champion Author Milwaukee

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Message Posted: Aug 23, 2012 11:29:40 PM

Doesn't really seem to matter what politician is in office; it's all about luck.
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RogerB
Champion Author Indianapolis

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Message Posted: Aug 23, 2012 11:28:24 PM

Obama's, Reid's, Pelosi's and their ilk have been a real drag on the economy. This has a large part of the decline in oil imports.
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jkpsr
Champion Author New Jersey

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Message Posted: Aug 23, 2012 11:27:32 PM

We have a good trend going. I hope we can keep it up.
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mgune9
All-Star Author Dallas

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Message Posted: Aug 23, 2012 11:24:33 PM

yep -- let's get serious and really reduce the imports
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Aug 23, 2012 11:23:11 PM

Could be a lot closer to zero if we were serious about it.
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rippinusoff
Champion Author Lexington

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Message Posted: Aug 23, 2012 11:22:37 PM

ok
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regout
Champion Author Quebec

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Message Posted: Aug 23, 2012 11:19:29 PM

Ok.
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rahcat
Champion Author Grand Rapids

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Message Posted: Aug 23, 2012 11:18:50 PM

Gas went up to $3.95 here today.
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pa79th
Champion Author Pennsylvania

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Message Posted: Aug 23, 2012 11:18:38 PM

Great trend...and excellent news...now we will find out who our real friends are.

The strategic problem is this: If we no long are going to prop up the Saudis by buying their oil, who will remain in the region to help protect Israel? BIG problem.
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stratlinetime
Champion Author Kalamazoo

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Message Posted: Aug 23, 2012 11:18:15 PM

Give consumers a break!!!!!!
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southrob
Champion Author Tucson

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Message Posted: Aug 23, 2012 11:17:16 PM

we need to DRILL now!
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IamWhoIam
Champion Author San Francisco

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Message Posted: Aug 23, 2012 11:17:05 PM

That's a definite improvement, and 42% lower next year while not enough will help. What is so interesting is that these cuts which appear to be draconian are on a smaller scale each even. One can never get to zero this way.
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VetteFan
Champion Author Indiana

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Message Posted: Aug 23, 2012 11:15:45 PM

To get to zero most of us will be driving EVs and hybrids.
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pyndasky
Champion Author Maryland

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Message Posted: Aug 23, 2012 11:15:43 PM

yet the price stays high.... we're really gettin' screwed!!!
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crreed1
Champion Author West Virginia

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Message Posted: Aug 23, 2012 11:15:32 PM

no low here
gas is now 3.89 &up
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bobdec
Champion Author Miami

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Message Posted: Aug 23, 2012 11:13:09 PM

I will be glad when it is ZERO
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pastorpaulcg
Champion Author Virginia

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Message Posted: Aug 23, 2012 11:12:35 PM

Cool
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mcmonsta
Champion Author Honolulu

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Message Posted: Aug 23, 2012 11:12:09 PM

sorry 20 year low for whom?
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mcmonsta
Champion Author Honolulu

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Message Posted: Aug 23, 2012 11:11:41 PM

42 year low for whom?
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zdcatc12
Champion Author San Antonio

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Message Posted: Aug 23, 2012 11:10:37 PM

Great
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PrinceLH
Champion Author Ontario

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Message Posted: Aug 23, 2012 11:10:34 PM

Organized crime!
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Rooster922
Champion Author Wilmington

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Message Posted: Aug 23, 2012 11:10:31 PM

Work to increase it.
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joel27nc
Champion Author Raleigh

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Message Posted: Aug 23, 2012 11:08:49 PM

yet the gas prices are rising
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tz2001
Veteran Author Virginia

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Message Posted: Aug 23, 2012 11:08:41 PM

Imports are still higher than during the 70's arab oil embargo. We should not be satisfied until the U.S. is supplied 100% from North American sources.
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12766
Champion Author New York

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Message Posted: Aug 23, 2012 11:08:16 PM

OK
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vibdata
Champion Author Massachusetts

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Message Posted: Aug 23, 2012 11:07:07 PM

That headline needs a lot of work, Mr. Bloomberg. LOTS.

Lowest level of imp crude, highest price of ripoff crude. Amazing.
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RichWLIN
Champion Author Indiana

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Message Posted: Aug 23, 2012 11:06:20 PM

Seems like propoganda to prop up the current administation prior to the election.
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SteelPenny
Champion Author Dallas

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Message Posted: Aug 23, 2012 11:06:13 PM

Bet that sure ticks off Zero'BOY.
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Vess2010
Rookie Author Seattle

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Message Posted: Aug 23, 2012 11:02:38 PM

Proves that gas rice speculation is an act of domestic terrorism, not international
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DustyHorse
Champion Author Virginia

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Message Posted: Aug 23, 2012 10:59:56 PM

Good.
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MG_Sputnik
Champion Author Philadelphia

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Message Posted: Aug 23, 2012 10:59:34 PM

Yet prices still rise because we export more.
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Darwin00
Champion Author Mississippi

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Message Posted: Aug 23, 2012 10:56:13 PM

I would be happy if gas prices just stopped going upfor years.
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toytech3
All-Star Author Chicago

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Message Posted: Aug 23, 2012 10:53:43 PM

Great, let's lower the gas prices
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RevDrCBJ
Veteran Author Ann Arbor

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Message Posted: Aug 23, 2012 10:50:10 PM

I agree with Emperor's Finest. . .
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Jeeputtputt
Champion Author Ohio

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Message Posted: Aug 23, 2012 10:49:59 PM

all messed up
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CatMan623
Champion Author Houston

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Message Posted: Aug 23, 2012 10:49:46 PM

You're welcome...
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bonzoonfmb
Champion Author Florida

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Message Posted: Aug 23, 2012 10:49:11 PM

But the U.S. is still exporting crude oil and petroleum products.
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beachmanglen
Champion Author Tampa

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Message Posted: Aug 23, 2012 10:45:29 PM

Good.
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96sc1
Champion Author El Paso

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Message Posted: Aug 23, 2012 10:45:01 PM

"U.S. Oil Imports to Seen Hitting 20-Year Low 42% of Use"

Are our headlines now being produced in China, too?
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EmperorsFinest
Champion Author Chicago

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Message Posted: Aug 23, 2012 10:42:26 PM

It seems we have plenty of resources right here then we shouldn't have to pay so much!
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mitchell6597
Champion Author New Hampshire

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Message Posted: Aug 23, 2012 10:37:59 PM

If we don't have to ship it, why then is it so damned expensive?
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Buddy2264
Champion Author Tampa

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Message Posted: Aug 23, 2012 10:36:02 PM

I am sure we could do even better, but in the long run a new form of energy is better.
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must87searcher
Champion Author Maryland

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Message Posted: Aug 23, 2012 10:34:30 PM

It sounds good. But there could be some negative part too it. It is good too some with the production of oil increasing in the US. Exporting it from the US and importing it too other nations can be good for some. The US will not be like OPEC! The price of gas is still not going too go down for a while, even if more oil is coming from the US.
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s6sputnik
Champion Author Austin

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Message Posted: Aug 23, 2012 10:32:36 PM

Sweet
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