W.C. Oil Fields Wrote:
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> Gerrymanderer2 Wrote:
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> -----
> > I seriously doubt our imports have risen
> irrespective of
> > increased production. That's why there's a glut
> remember.
>
> You would be correct. US crude oil imports have
> fallen by about 20% since 2008.
It has decreased over recent years but that's a temporary condition reflecting a decrease from the peak. The gap between domestic production and consumption is expected to remain and will increase even with higher US production. i.e., there's a deficit between US production and US consumption which continues to need to be filled by imports. As we begin to deplete the easy/less costly resources now targeted, US production will need to move to more less productive/higher cost areas. To the extent that imports are available at lower cost from cheaper production sources, they'll likely represent a higher percentage than the reference case used below.
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U.S. use of imported petroleum and other liquid fuels continues to decline in AEO2014 mainly as a result of increased domestic oil production. Imported petroleum and other liquid fuels as a share of total U.S. use reached 60% in 2005 before dipping below 50% in 2010 and falling further to 40% in 2012. The import share continues to decline to 25% in 2016 and then rises to about 32% in 2040 in the AEO2014 reference case, as domestic production of tight oil begins to decline in 2022 (Figure 12)."