US oil imports are falling quickly in 2009, since our demand is lower and our domestic production strong. Today’s US Energy Information Agency (EIA) weekly petroleum report showed crude oil imports down more than 10% from the same week in 2008, and production up around 5%. US production may wane a bit later in 2009 – as the rig count continues to slide due to sub-$50 per barrel oil prices. But last week’s petroleum information shows supplies remain ample for the months ahead.
Crude supplies increased to almost 14% above this time last year. Distillates (diesel and heating oil) gained slightly on 6.1% lower demand to remain way above average. Propane also benefited from low demand (down 20.9%) to sit above the average range. The only fuel below last year’s level is gasoline, which fell ~1.5% last week on demand similar to last year matched with below-normal import levels. Gasoline tanks are now ~7.4% below last year’s high level and within the historical average.
The fact that our supplies are ample even with 10% lower crude oil imports is encouraging for those of us promoting energy independence. And since it is on lower demand, there are great climate implications as well.
Here’s to us continuing this trend in the years ahead by rapidly deploying efficiency and renewables! If we don’t, we could get caught up in a zero sum game of competition amongst oil importers for declining global oil exports beyond 2010.
Onwards in the Sustainable Energy Transition-
Tags: climate change, energy, imports, oil prices, US