P.M. BRIEFING : Oil Imports Hit Record Levels
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FROM TIMES WIRE SERVICES
WASHINGTON — U.S. oil imports surged to record levels in the first half of the year to 49.9% of total domestic demand, the American Petroleum Institute reported today.
U.S. reliance on imported oil was accelerated by a continued decline in domestic production--which fell by 6%, to 7.3 million barrels daily, from the first half of 1989--and a strong buildup of crude oil inventories, the industry trade group said.
It said imports totaled an average of 8.4 million barrels per day.
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