Summary of Diminishing Dependence

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Peaking in 2005, the United States’ dependence on oil imports has plunged since 2008, thanks to rising domestic supplies and falling domestic demand. This shifting trend is sending ripples across the global energy sector. The Economist Intelligence Unit’s analysis doesn’t merely check the tires of the energy market vehicle; it gets under the hood to examine the engine of change that is driving America’s dynamic oil industry. getAbstract recommends this report to energy investors and to US policy makers who need to plan for America’s future energy needs.

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The Economist Intelligence Unit is an independent research and analytics organization.

 

Summary

The United States, which expends 20% of all oil produced, is the world’s largest oil consumer. However, US dependence on imported oil has plunged since 2008. At its peak in 2005, net oil import dependence, derived by comparing America’s total oil imports with demand, stood at 60.3%. By the first half of 2013, reliance on foreign imports had fallen to just 36%. In the interim, the US saw a surge in the total production of oil – that is, domestic crude oil plus natural gas liquids – from 7.3 million barrels per day (b/d) in 2009 to 9.7 million b/d in 2013. New techniques for extracting oil from shale rock account...


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