P.M. BRIEFING : Aug. Crude Oil Production Off 6.6%
Domestic crude oil production dropped 6.6% in August compared with a year earlier, falling to the lowest daily output level in more than 25 years, the American Petroleum Institute reported today.
The trade group’s monthly breakdown of supply and demand in the United States also said August imports of oil and petroleum products rose 16.3% over a year earlier and supplied nearly half of American requirements for the second straight month.
The report said year-to-date domestic oil production has been falling at an average annual rate of 5% to 6% compared with 1988, nearly double the decline of 3.2% for the previous three years.
The report said it is clear that production in all oil-producing states has been declining rapidly, even after adjusting for temporary production curtailments in Alaska caused by the March 24 Exxon oil spill.