IPAA meets some goals, reaches for more: in spite of IPAA progress on many fronts, challenges still face the country, the industry and IPAA members. One challenge lies in oil imports, which now have reached 64.4 percent of demand and cost the nation $550 million a day.(Independent VOICE)

Publication: Oil and Gas Investor

Publication Date: 01-AUG-05

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COPYRIGHT 2005 Hart Publications, Inc.

Domestic oil production has fallen from 9.5 million b/d in the 1970 peak year to 5.5 million b/d last year, and gas production peaked four years ago and is sliding downward. Decline rates of existing production are at 30 percent annually.

Natural gas prices have more than doubled, but the impact on US manufacturing is the loss of three million jobs. The Nation's manufacturing base has left the country because of bad Government decisions 10 and 20 years ago.

Washington sees the solution to the supply-demand equation as liquefied natural gas (LNG). This imported fuel is expected to climb from a two percent share of America's natural gas supply today to 20 percent in the future. But, at current prices, that takes the total bill for imports to $1 billion a day, or...

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