Energy Information Administration report shows oil imports are at their lowest point since 1999March 28, 2012
A new report from the U.S. Energy Information Administration (EIA), a branch of the Department of Energy, shows that imports of crude oil have fallen since 2005.
Several factors have contributed to the drop in imports over the years, including political tension with the Middle East and a new focus on alternative energy and efficiency. The report indicates that in 2011, oil imports hit the lowest point they have been since 1999.
According to the report, oil imports have dropped by 12% since 2005.
In recent years – 2009 and beyond – the federal government has been focusing on alternative energy and domestic oil production. This focus, coupled with dropping demand for oil, has had a major impact on imports and will likely to affect the trend in the future. Though oil imports are dropping, the report shows that the cost of oil is skyrocketing: Reaching nearly $110 per barrel in 2011.