Oil Imports Hit Record Levels

America’s crude oil imports have jumped to record levels as the industry marks the 25th anniversary of the 1973 oil embargo by the Organization of Petroleum Exporting Countries, the U.S. Energy Information Administration said. The United States will import a record 8.27 million barrels of crude a day this year, up from 8.12 million last year and almost triple the 3 million barrels imported every day in 1985, according to the latest EIA forecast. Imports supplied 48% of U.S. oil needs last year, up from 28% in the early 1970s, the EIA added in its report on major energy trends during the last 25 years. The most apparent trend today is the declining price of gasoline. Among other findings in the report: The share of world oil production supplied by OPEC countries has declined since 1973, from 55% to 43%; current U.S. oil consumption is nearly equal to the all-time high of 18.9 million barrels per day in 1978; and more than half of the overall energy growth since 1973 has occurred during the last six years.