The End of American Foreign Oil Dependency?

January 27, 2012 in Daily Bulletin

The Economist took a look at why analysts predict that the United States will import just 36% of its liquid fuel by 2035, compared with the 60% that had to be imported in 2005. Highlights of the artcle include:

  • The reduction in the reliance on foreigners is due, in part, to a fall in American consumption of liquid fuel. By 2035 daily liquid fuel consumption is forecasted to be below its 2005 peak.
  • American consumption of liquid fuel is falling due to the post-economic crisis pace of the economy, and the high price of oil, creating an economic force that encourages conservation and substitution.
  • America’s production of oil has also expanded.

To read more about the dynamics of the market for liquid fuel in the United States and abroad click here.

Source: The Economist