Outlook for US petroleum imports

Book · Tue Jan 01 04:00:00 EST 1985

OSTI ID:5854681

Norman, D A

Recent oil production and consumption trends reveal a softening of the world petroleum market. Recent forecasts showing a rising level of consumption and a declining rate of production suggest a corresponding increase in imports. The report estimates the level of these imports in 1995 at 8 to 12 million barrels per day (mmbd), with imports supplying between 45-58% of total US petroleum consumption. Imports accounted for 4.7 mmbd in 1984. The effect on world markets will be enhanced by competition in demand from other countries. Despite the successful substitution of capital and labor for energy intensity in the US, there is nothing to indicate that this will be sustained. US policies which affect taxes, prices, leases, and related factors need to recognize the potential for future disruptions in both fuel supply and the economy. They also need to recognize that the strategic petroleum reserve is only a short-term solution. 8 references, 1 figure, 6 tables.

• OSTI ID: 5854681
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
021000* -- Petroleum-- Legislation & Regulations
29 ENERGY PLANNING, POLICY, AND ECONOMY
292000 -- Energy Planning & Policy-- Supply
Demand & Forecasting
294002 -- Energy Planning & Policy-- Petroleum
ECONOMIC IMPACT
ENERGY CONSUMPTION
ENERGY POLICY
ENERGY SOURCE DEVELOPMENT
ENERGY SOURCES
FORECASTING
FOSSIL FUELS
FUEL CONSUMPTION
FUELS
GLOBAL ASPECTS
GOVERNMENT POLICIES
IMPORTS
MARKET
PETROLEUM
SUPPLY DISRUPTION