Full Title: U.S. Oil Imports: Context and Considerations
Author(s): Neelesh Nerurkar
Publisher(s): CRS
Publication Date: April 1, 2011
Full Text: Download Resource
Description (excerpt):
Despite long standing concern by policy makers, U.S. oil imports have generally increased for decades. Two periods stand out as exceptions: the early 1980s and the last five years. Both periods were characterized by high oil prices, economic volatility, and attention to energy policy. U.S. oil imports fell each year between 2005 and 2010 to reach just under 50% of U.S. liquid fuel consumption, its lowest level since 1997. The economic downturn and higher oil prices were a drag on oil consumption, while price-driven private investment and policy helped increase domestic supply of oil and oil alternatives.