Net petroleum imports in January fell to only 37.3% of total petroleum consumption in the U.S. for that month, according to new estimates from the Energy Information Administration (EIA). For the month of January, that’s the lowest level of U.S. dependence on foreign sources of petroleum in 23 years, going back to January 1991 when imports were only 35% of the total petroleum products consumed. The U.S. produced more oil domestically in January at an average rate of 7.04 million barrels per day (bbl/d) than in any month since December 1998, which helped reduce the share of foreign oil required to meet U.S. demand for petroleum products.
The chart above shows that net petroleum imports averaged 40.4% last year, the lowest in any year since 1992, when foreign sources supplied 40.7% of U.S. demand. The EIA estimates that domestic crude oil production will increase by 12% this year to an average of 7.3 million bbl/d and by another 8% to 7.9 million bbl/d in 2014. The 21.5% projected increase in domestic crude oil over the next two years should bring net petroleum imports to below 38% this year and to below 36% in 2014, the lowest levels in 25 years.