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U.S. Oil Imports to Seen Hitting 20-Year Low 42% of Use

Bloomberg News -- A boom in oil production from the shale formations of North Dakota and Texas has the U.S. on a course to cut its reliance on imported crude oil to about 42 percent this year, the lowest level in two decades.

Dependence on crude purchased from foreign countries is on a pace to decline from last year, Adam Sieminski, the head of the U.S. Energy Information Administration, said during a Bloomberg Government lunch yesterday in Washington.

Higher oil prices and an increased use of a drilling technique known as hydraulic fracturing has producers including Continental Resources Inc. (CLR), Marathon Oil Corp. (MRO) and Hess Corp. (HES) boosting production from oil-rich geologic formations. Hydraulic fracturing, or fracking, involves pumping millions of gallons of water into the ground to free...

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Submitted Aug 23, 2012 By: 1studman

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sparky808 Champion Author Honolulu Posts:2,981 Points:594,810 Joined:Sep 2011	Message Posted: Aug 24, 2012 1:22:09 PM Ignore sparky808 Report Abuse Thank you for posting.
KrsnaDragon Champion Author Montreal Posts:2,387 Points:527,425 Joined:Nov 2011	Message Posted: Aug 24, 2012 5:28:52 AM Ignore KrsnaDragon Report Abuse Informative.
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: Aug 24, 2012 1:07:27 AM Ignore 5kvdave Report Abuse WHATEVER!!!!!!
Zonk Champion Author Michigan Posts:6,466 Points:2,099,090 Joined:Oct 2005	Message Posted: Aug 24, 2012 12:46:12 AM Ignore Zonk Report Abuse It's not a function of how much we drill in the U.S. We drill more, we export more.
TFowler513 Champion Author Memphis Posts:3,824 Points:1,410,235 Joined:Mar 2008	Message Posted: Aug 24, 2012 12:31:12 AM Ignore TFowler513 Report Abuse Soon pure water will be the commodity.
miser709 Champion Author Grand Rapids Posts:1,268 Points:1,066,325 Joined:Mar 2004	Message Posted: Aug 24, 2012 12:30:05 AM Ignore miser709 Report Abuse All that "hydraulic fracturing" helped to raise gas prices to 3.95 gallon here today. NICE! What next, pollute the ground water.
caravanguy Champion Author Milwaukee Posts:1,088 Points:1,036,840 Joined:Aug 2006	Message Posted: Aug 24, 2012 12:29:40 AM Ignore caravanguy Report Abuse Doesn't really seem to matter what politician is in office; it's all about luck.
RogerB Champion Author Indianapolis Posts:18,040 Points:2,620,110 Joined:Dec 2005	Message Posted: Aug 24, 2012 12:28:24 AM Ignore RogerB Report Abuse Obama's, Reid's, Pelosi's and their ilk have been a real drag on the economy. This has a large part of the decline in oil imports.
jkpsr Champion Author New Jersey Posts:4,069 Points:1,099,105 Joined:Jun 2005	Message Posted: Aug 24, 2012 12:27:32 AM Ignore jkpsr Report Abuse We have a good trend going. I hope we can keep it up.
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Aug 24, 2012 12:24:33 AM Ignore mgune9 Report Abuse yep -- let's get serious and really reduce the imports
ManOfLeisureII Champion Author Philadelphia Posts:1,859 Points:451,225 Joined:Jan 2012	Message Posted: Aug 24, 2012 12:23:11 AM Ignore ManOfLeisureII Report Abuse Could be a lot closer to zero if we were serious about it.
rippinusoff Champion Author Lexington Posts:7,393 Points:1,485,075 Joined:May 2007	Message Posted: Aug 24, 2012 12:22:37 AM Ignore rippinusoff Report Abuse ok
regout Champion Author Quebec Posts:2,935 Points:828,705 Joined:May 2010	Message Posted: Aug 24, 2012 12:19:29 AM Ignore regout Report Abuse Ok.
rahcat Champion Author Grand Rapids Posts:2,452 Points:659,155 Joined:Jan 2010	Message Posted: Aug 24, 2012 12:18:50 AM Ignore rahcat Report Abuse Gas went up to $3.95 here today.
pa79th Champion Author Pennsylvania Posts:1,762 Points:1,212,850 Joined:Jun 2007	Message Posted: Aug 24, 2012 12:18:38 AM Ignore pa79th Report Abuse Great trend...and excellent news...now we will find out who our real friends are. The strategic problem is this: If we no long are going to prop up the Saudis by buying their oil, who will remain in the region to help protect Israel? BIG problem.
stratlinetime Champion Author Kalamazoo Posts:2,261 Points:559,835 Joined:Feb 2011	Message Posted: Aug 24, 2012 12:18:15 AM Ignore stratlinetime Report Abuse Give consumers a break!!!!!!
southrob Champion Author Tucson Posts:3,585 Points:685,150 Joined:Mar 2011	Message Posted: Aug 24, 2012 12:17:16 AM Ignore southrob Report Abuse we need to DRILL now!
IamWhoIam Champion Author San Francisco Posts:14,091 Points:1,469,950 Joined:Jan 2007	Message Posted: Aug 24, 2012 12:17:05 AM Ignore IamWhoIam Report Abuse That's a definite improvement, and 42% lower next year while not enough will help. What is so interesting is that these cuts which appear to be draconian are on a smaller scale each even. One can never get to zero this way.
VetteFan Champion Author Indiana Posts:9,724 Points:2,025,555 Joined:Aug 2005	Message Posted: Aug 24, 2012 12:15:45 AM Ignore VetteFan Report Abuse To get to zero most of us will be driving EVs and hybrids.
pyndasky Champion Author Maryland Posts:9,985 Points:1,778,880 Joined:May 2008	Message Posted: Aug 24, 2012 12:15:43 AM Ignore pyndasky Report Abuse yet the price stays high.... we're really gettin' screwed!!!
crreed1 Champion Author West Virginia Posts:1,970 Points:2,523,410 Joined:May 2005	Message Posted: Aug 24, 2012 12:15:32 AM Ignore crreed1 Report Abuse no low here gas is now 3.89 &up
bobdec Champion Author Miami Posts:8,949 Points:1,766,795 Joined:May 2008	Message Posted: Aug 24, 2012 12:13:09 AM Ignore bobdec Report Abuse I will be glad when it is ZERO
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Aug 24, 2012 12:12:35 AM Ignore pastorpaulcg Report Abuse Cool
mcmonsta Champion Author Honolulu Posts:3,212 Points:814,770 Joined:Sep 2009	Message Posted: Aug 24, 2012 12:12:09 AM Ignore mcmonsta Report Abuse sorry 20 year low for whom?
mcmonsta Champion Author Honolulu Posts:3,212 Points:814,770 Joined:Sep 2009	Message Posted: Aug 24, 2012 12:11:41 AM Ignore mcmonsta Report Abuse 42 year low for whom?
zdcatc12 Champion Author Jacksonville Posts:2,147 Points:784,640 Joined:Nov 2010	Message Posted: Aug 24, 2012 12:10:37 AM Ignore zdcatc12 Report Abuse Great
PrinceLH Champion Author Ontario Posts:2,672 Points:534,045 Joined:Jun 2011	Message Posted: Aug 24, 2012 12:10:34 AM Ignore PrinceLH Report Abuse Organized crime!
Rooster922 Champion Author Wilmington Posts:3,768 Points:652,845 Joined:Jan 2009	Message Posted: Aug 24, 2012 12:10:31 AM Ignore Rooster922 Report Abuse Work to increase it.
joel27nc Champion Author Raleigh Posts:10,522 Points:1,855,445 Joined:Mar 2008	Message Posted: Aug 24, 2012 12:08:49 AM Ignore joel27nc Report Abuse yet the gas prices are rising
tz2001 Veteran Author Virginia Posts:268 Points:318,805 Joined:Sep 2003	Message Posted: Aug 24, 2012 12:08:41 AM Ignore tz2001 Report Abuse Imports are still higher than during the 70's arab oil embargo. We should not be satisfied until the U.S. is supplied 100% from North American sources.
12766 Champion Author New York Posts:2,423 Points:1,479,415 Joined:Oct 2008	Message Posted: Aug 24, 2012 12:08:16 AM Ignore 12766 Report Abuse OK
vibdata Champion Author Massachusetts Posts:4,074 Points:846,275 Joined:Nov 2005	Message Posted: Aug 24, 2012 12:07:07 AM Ignore vibdata Report Abuse That headline needs a lot of work, Mr. Bloomberg. LOTS. Lowest level of imp crude, highest price of ripoff crude. Amazing.
RichWLIN Champion Author Indiana Posts:4,072 Points:634,865 Joined:Jun 2011	Message Posted: Aug 24, 2012 12:06:20 AM Ignore RichWLIN Report Abuse Seems like propoganda to prop up the current administation prior to the election.
SteelPenny Champion Author Dallas Posts:30,912 Points:2,603,490 Joined:Sep 2005	Message Posted: Aug 24, 2012 12:06:13 AM Ignore SteelPenny Report Abuse Bet that sure ticks off Zero'BOY.
Vess2010 Rookie Author Seattle Posts:90 Points:60,010 Joined:Jan 2011	Message Posted: Aug 24, 2012 12:02:38 AM Ignore Vess2010 Report Abuse Proves that gas rice speculation is an act of domestic terrorism, not international
DustyHorse Champion Author Virginia Posts:6,067 Points:1,387,845 Joined:Oct 2008	Message Posted: Aug 23, 2012 11:59:56 PM Ignore DustyHorse Report Abuse Good.
MG_Sputnik Champion Author Philadelphia Posts:7,290 Points:1,956,630 Joined:Apr 2006	Message Posted: Aug 23, 2012 11:59:34 PM Ignore MG_Sputnik Report Abuse Yet prices still rise because we export more.
Darwin00 All-Star Author Mississippi Posts:827 Points:267,095 Joined:Dec 2010	Message Posted: Aug 23, 2012 11:56:13 PM Ignore Darwin00 Report Abuse I would be happy if gas prices just stopped going upfor years.
toytech3 All-Star Author Chicago Posts:917 Points:610,820 Joined:Mar 2011	Message Posted: Aug 23, 2012 11:53:43 PM Ignore toytech3 Report Abuse Great, let's lower the gas prices
RevDrCBJ Veteran Author Ann Arbor Posts:363 Points:187,010 Joined:Jul 2011	Message Posted: Aug 23, 2012 11:50:10 PM Ignore RevDrCBJ Report Abuse I agree with Emperor's Finest. . .
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Aug 23, 2012 11:49:59 PM Ignore Jeeputtputt Report Abuse all messed up
CatMan623 Champion Author Houston Posts:16,340 Points:2,340,770 Joined:Aug 2006	Message Posted: Aug 23, 2012 11:49:46 PM Ignore CatMan623 Report Abuse You're welcome...
bonzoonfmb Champion Author Florida Posts:1,762 Points:640,725 Joined:Feb 2010	Message Posted: Aug 23, 2012 11:49:11 PM Ignore bonzoonfmb Report Abuse But the U.S. is still exporting crude oil and petroleum products.
beachmanglen All-Star Author Tampa Posts:674 Points:493,025 Joined:Aug 2011	Message Posted: Aug 23, 2012 11:45:29 PM Ignore beachmanglen Report Abuse Good.
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Aug 23, 2012 11:45:01 PM Ignore 96sc1 Report Abuse "U.S. Oil Imports to Seen Hitting 20-Year Low 42% of Use" Are our headlines now being produced in China, too?
EmperorsFinest Champion Author Chicago Posts:1,564 Points:340,870 Joined:Jul 2011	Message Posted: Aug 23, 2012 11:42:26 PM Ignore EmperorsFinest Report Abuse It seems we have plenty of resources right here then we shouldn't have to pay so much!
mitchell6597 Champion Author New Hampshire Posts:3,462 Points:728,360 Joined:Apr 2010	Message Posted: Aug 23, 2012 11:37:59 PM Ignore mitchell6597 Report Abuse If we don't have to ship it, why then is it so damned expensive?
Buddy2264 Champion Author Tampa Posts:11,629 Points:2,356,495 Joined:Oct 2005	Message Posted: Aug 23, 2012 11:36:02 PM Ignore Buddy2264 Report Abuse I am sure we could do even better, but in the long run a new form of energy is better.
must87searcher Champion Author Maryland Posts:8,963 Points:1,776,570 Joined:Apr 2008	Message Posted: Aug 23, 2012 11:34:30 PM Ignore must87searcher Report Abuse It sounds good. But there could be some negative part too it. It is good too some with the production of oil increasing in the US. Exporting it from the US and importing it too other nations can be good for some. The US will not be like OPEC! The price of gas is still not going too go down for a while, even if more oil is coming from the US.
s6sputnik Champion Author Austin Posts:6,209 Points:1,304,395 Joined:Jun 2007	Message Posted: Aug 23, 2012 11:32:36 PM Ignore s6sputnik Report Abuse Sweet