U.S. imports of crude and fuel in July dropped to the lowest level for the month in 19 years as domestic production rose, the American Petroleum Institute said.
Imports slid to 9.06 million barrels a day, the least for July since 1995, the industry-funded group said today in a monthly report. Domestic crude-oil production rose to the highest July level since 1986, staying above 8 million barrels a day for a sixth month.
“Last month generated new records for many of the petroleum statistics we track,” John Felmy, chief economist at the API in Washington, said in the report. “Imports of crude oil and refined products set multidecade lows for the month.”