White House Report Shows Drop in Oil Imports
March 12, 2012
The White House released a one-year American energy progress report
showing that the U.S. has reduced dependence on foreign oil by more than 2 million barrels per day.
According to the report, "The Blueprint for a Secure Energy Future: Progress Report," the U.S. imported 11 million barrels per day when President Obama took office. By the end of last year, that number had dropped to 8.4 million.
In 2010, the U.S. imported less than half of all oil consumed, a first in 13 years, according to the report. Net imports as a share of total consumption fell from 57% in 2008 to 45% in 2011 - the lowest level since 1995.
The report also addresses the expanding production of domestic oil and natural gas. In 2011, U.S. crude oil production reached its highest level since 2003, increasing by an estimated 120,000 barrels per day over 2010 levels to 5.6 million barrels per day. U.S. natural gas production grew by more than 7% in 2011, the largest year-over-year volumetric increase in history.
Currently, the report says, the U.S. has more oil and gas rigs operating than the rest of the world combined.
The report also notes that the Obama administration is actively monitoring 360 U.S. cities to prevent gasoline and diesel fraud and price manipulation.
It also says the Commodity Futures Trading Commission, which regulates futures markets, is cracking down on "loopholes that allowed financial trades to evade oversight in unregulated or overseas markets."
The report also touches on new fuel economy standards, energy efficient homes, renewable energy generation, developing alternative fuels and supporting energy research.
To read the full report, click here