US oil production versus imports 1920 – 2005

Here is a chart of US domestic oil production versus imports for the period 1920-2005.  The decrease in domestic production of about 1 million barrels per day between 1970 and 1980 is far smaller than the increase in imports of roughly 5 million barrels per day over the same period.  This is a time period which includes the embargo by OPEC of oil exports to the US.  Perhaps the drop in domestic production could have been due to the availability of large quantities of low marginal production cost Saudi Arabian oil.

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  1. […] on November 30, 2010 If the cost per barrel of Ghawar oil was significantly lower, then it would undercut domestic production which would be shut […]

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