U.S. Dependency on Imported Oil to Deepen

Opening Arctic National Wildlife Refuge will no match the growth of U.S. oil demand, and doesn't take into account the continued decline of other U.S. fields.

Published: 25-May-2005

NEW YORK (Reuters) - U.S. dependence on foreign crude will keep growing despite efforts to spur domestic production, as demand in the world's largest energy consumer outpaces output, industry and government experts said Tuesday.

The rising need for oil shipments to the nation's ports could even hit a level soon that foreign crude producers might have a hard time matching -- translating into likely declines in the nation's stockpiles.

"The longer-term trend points to increasing imports and increasing reliance on imports," said Doug MacIntyre, analyst for the U.S. Energy Information Administration, the statistical wing of the Department of Energy.


Visits to China, India, Malaysia and Pakistan are significant because the trip spells out the Saudi Kingdom's Look East policy, representing a new reorientation in its foreign policy that was heavily tilted toward the West.

The worst two scenarios suggest a drastic decline in output to 875,000 barrels a day by the end of 2007 and to just 520,000 a day by the end of 2008.

Bush said he envisioned a future in which a plug-in hybrid car could drive 40 miles on a lithium-ion battery, then stop at a filling station for ethanol, a fuel usually made from corn, similar to HyMotion Prius pictured below.


blog comments powered by Disqus