U.S. demand for foreign oil drops

Published: May 20, 2008 at 9:27 AM

WASHINGTON, May 20 (UPI) -- Foreign oil imports fell in the United States in the first quarter of 2008, the U.S. Energy Information Administration said.

Foreign imports fell to 57.9 percent of the country's consumption, down from 58.2 percent a year ago.

The trend is pushed by high oil prices, biofuel production mandates and improved fuel efficiency in cars, the Financial Times reported Tuesday.

Increased demand in emerging markets has kept oil prices high in spite of a decline in the United States, the report said.

But the decline "shows that markets do work, policy changes do work, technology does work," Guy Caruso, head of the EIA, said

It is the first time since 1977 that the United States cut down significantly on foreign oil dependence, the Times reported.

The EIA expects the trend to continue, predicting foreign oil use to fall to 50 percent by 2015, the report said.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
NBA: LA Lakers 106, New Jersey 87 (9 min)
NFL: Baltimore 20, Pittsburgh 17 (OT) (11 min)
COL BKB: Washington 63, Montana 59 (13 min)
NBA: Sacramento 112, New Orleans 96 (15 min)
UPI Sports Calendar for Monday, Nov. 30 (19 min)
NHL: Phoenix 3, Anaheim 2 (OT) (19 min)
NBA: Minnesota 106, Denver 100 (21 min)
fark
Woman says a deranged man followed her off the bus and stole her teeth. "He kept thaying how my...
Man arrested running down London street in only his socks, with photo of what a sock might look...
Photoshop this rocket man
New screening system put in place to ease the number of calls received by the Department of Children...
Just another night in Iowa - the corn growin', the birds chirpin', the naked drunken biatch ramming...
Pictures of the ugly ass bonobo born at the Jacksonville Zoo