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Politics : Foreign Affairs Discussion Group

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To: Ilaine who wrote (140786)	7/18/2004 5:15:23 AM
From: GST	Read Replies (1) of 281500

U.S. Addiction to Foreign Oil Deepens Sat Jul 17, 7:58 AM ET By Timothy Gardner NEW YORK (Reuters) - U.S. domestic oil production has dropped five percent since this year's peak in February and near-record oil prices are unlikely to inspire drillers to slow the country's deepening dependence on foreign oil, experts say. "Why on earth would you drill here when we've been drilling here for 120 years and when there's vast untapped regions across the globe?" said Kyle Cooper, analyst at Citigroup Global Markets in Houston. U.S. pumps pulled 5.43 million barrels per day of oil in early July compared to 5.70 million bpd in early February, according to the federal Energy Information Administration. The United States uses all of its domestic crude production. It relies on imports of crude and oil products for the remainder of the approximately 20 million bpd of oil it burns daily. news.yahoo.com

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