US Oil Imports Hit Record 63% Of Total - Reuters

[hatrack]

"NEW YORK (Reuters) - The United States imported a record 63 percent of its oil from foreign sources in 2003, government figures showed Wednesday, and oil analysts said that dependence is likely to rise in the new year. Crude imports accounted for 62.9 percent of oil run through U.S. refineries, up from the previous record of 61.7 percent in 2001 and from last year's 61.2 percent, the Department of Energy said.

Twenty years ago, foreign crude accounted for only 28 percent of oil used by the United States, the world's biggest consumer -- then and now.

"Our domestic production has been going down in recent years or has stayed relatively flat, but we're running more and more through the refineries every year," said Doug MacIntyre, analyst with the U.S. Energy Information Administration (EIA). The EIA is the statistical arm of the energy department.

EDIT

"Crude imports are going to continue to rise," said George Beranek, oil analyst with the Petroleum Finance Co. based in Washington. "It's just the inevitable result of increasing U.S. oil demand with flat to decreasing domestic supplies."

EDIT

http://www.evworld.com/view.cfm?section=communique&newsid=4766

[Maine-i-acs]

1. Watch those refineries!

They're the ones making a hefty markup on imported oil - and their near-collusion of late is responsible for the last year's run-up in prices (that plus Shrub's topping off the Strategic Reserve pre-invasion)...