US imports of liquid fuels forcast to drop, consumption to slow

23 January 2012 21:46  [Source: ICIS news]

HOUSTON (ICIS)--US liquid fuel imports will drop moving toward 2035 as growth in fuel consumption slows, the US Energy Information Administration (EIA) said on Monday in an energy report.

US dependence on imported petroleum, as share total liquid fuels production, was about 60% during 2005-2006, then fell to 49% in 2010, said acting administrator Howard Gruenspecht.

The EIA said in its 2012 Annual Energy Report that imports are projected to fall to 36% by 2035 as a result of energy efficiency, a slowing economy, domestic crude production growth by more than 1m bbl/day and growth in biofuels up to 1m bbl/day oil equivalent.

The projections do not include the fuel economy standards to be put in place 2017-2025. If these were included, the standards would significantly reduce liquid fuel consumption and predicted imports up to 2035, Gruenspecht said.

Total US energy consumption will climb about 10% from 2010 to 2035, according to the EIA. Consumption per capita in the US will fall by 0.5% per year.

Gruenspecht said consumption of US liquid fuel, which is primarily use for transportation, will grow very slowly by about 0.2%/year from 2010 to 2035.

On-road vehicles account for more than 80% of the consumption of liquid fuels, Gruenspecht said.

New light duty vehicle fuel economy will reach nearly 38 mpg by 2035, which does not include proposed standards for 2017 and 2025. Light duty vehicles will make 2034.

By: Sheena Martin
+1 713 525 2653

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