P. M. BRIEFING : January Oil Imports Set Record

U.S. oil imports surged to record levels in January because of extremely cold weather, the American Petroleum Institute reported today.

Total imports of crude and refined products jumped to 9.13 million barrels per day, up 14.5% from 7.98 million barrels per day in January, 1989, the first time since 1977 that imports exceeded 9 million barrels per day, the institute said.

Imports accounted for 54% of domestic deliveries, surpassing the previous high of 51.8% set in both March and July of 1977.

The figures were somewhat exaggerated because of the record cold that hit much of the country in December, depleting heating oil stocks. The institute estimated that the January imports were about 1 million barrels per day higher than normal.

“Although temporary factors contributed to January’s surge in imports, these developments are also the product of longer-term trends, namely, the continued decline in domestic crude oil production and until recently, the growth in consumption,” the group said.