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OIL AND GAS
House leaders says gas prices would drop through their measure
by Daniel J. Graeber
Washington (UPI) Jun 20, 2013


API: Oil imports for May were lowest in years
Washington (UPI) Jun 20, 2013 - Crude oil imports into the U.S. market are at their lowest levels since the 1990s, the American Petroleum Institute said.

API said total imports for May, the last full month for which data are available, averaged just under 9.6 million barrels per day, which is 4.5 percent less than the same time last year. That's the lowest level for May since 1995.

"Last month saw a continuation of recent trends, with strong demand and even stronger production resulting in falling import levels," API Chief Economist John Felmy said in a statement.

The U.S. Energy Information Administration said in its weekly petroleum report the United States imported on average 7.2 million bpd for the week ending June 13, which is up 88,000 bpd from previous week. Long-term trends, however, show a general import decline.

On the production side, API said the United States produced 8.3 million bpd in May, the highest level for the month since 1987.

Petroleum deliveries, a measure of demand, rose 1.9 percent in May, the highest level for the month in six years.

Members of the House of Representatives said U.S. consumers would pay less at the pump if a bill in support of expanded domestic energy production passed.

Rep. Doc Hastings, R-Wash., chairman of the House Natural Resources Committee, and 12 other House Republicans introduced legislation they say would lower U.S. retail gasoline prices.

"By unlocking our nation's own resources we can put over a million Americans back to work, breathe new life into our economy, and lower gasoline prices for American families and businesses," he said in a statement Thursday.

Hastings' measure calls for access to energy reserves off the Atlantic coast, the National Petroleum Reserve-Alaska and aims to do away with what he says are unnecessary delays in the bidding process for oil and gas acreage.

The House measure follows a bill introduced Wednesday by U.S. Sens. Bob Corker, R-Tenn., and Chris Murphy, D-Conn., that would raise the federal gasoline tax, which has remained static since 1993.

Gasoline is taxed at 18.4 cents per gallon, and diesel is taxed at 24.4 cents per gallon. The Senate proposal would increase both rates by six cents in each of two years for a total of 12 cents on the gallon.

Their measure aims to generate revenue for the federal highway system.

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