U.S. oil imports, once thought to be on an irreversible upward trajectory, are projected to reach their lowest in 25 years by 2014 and about half their 2004-07 peak levels, falling to 6M bbl/day. But falling imports won’t necessarily protect the U.S. from high gasoline prices or from oil shocks, and the U.S. will still be importing a greater share of its oil than during the 1973-74 OPEC oil shock.
U.S. oil imports, once thought to be on an irreversible upward trajectory, are projected to...
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