P.M. BRIEFING : U.S. Oil Production Dips in ’89
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WASHINGTON — Domestic oil production in 1989 took the steepest yearly fall in history, and petroleum imports rose to a 10-year high, the industry said today.
The American Petroleum Institute, the trade association of the major oil companies, also said that while U.S. oil consumption increased only slightly, imports rose to 46% of total supplies. That was the second-highest level on record.
The figures confirm a continued decline of the domestic oil industry and are expected to add heat to a debate in Congress this year over whether exploration and production companies should get new tax breaks to stimulate drilling activity.
The Bush Administration has argued that declining U.S. oil production and increasing reliance on foreign producers is undermining national energy security.
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