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Oil imports remain at high levels

The U.S. is importing over 64% of its oil from foreign countries. Of the total imports, 18.2% came from Persian Gulf countries. High oil imports are seen as a threat to the economy and national security.

Beneath a 1.5 million acre tract on the North Slope of Alaska is estimated to be between 3 and 9 billion barrels of recoverable oil. This area is a specially designated area within the 19 million-acre Arctic National Wildlife Refuge (ANWR).

Known as the "Coastal Plain", this area was designated by Congress in 1981 as requiring special study to determine its oil and gas potential and the effects of development on the environment. In 1987, the Department of Interior recommended development. Congressional authorization is required for the Coastal Plain to be open.

Here are more statistics from the American Petroleum Institute:

Monthly Petroleum Facts at a Glance: June 2004

Permalink :: Posted by Clay Butcher on July 14, 2004 :: ::
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