Baylor University Medical Center Proceedings January 2014, Volume 27, Number 1 | Page 70

fleet becomes more efficient, oil imports have declined. Imports
reached 60% of domestic consumption in 2005, but they are
now down to 35%, the same level as in 1973.
As the US imports less oil, its energy is more secure. There
are several million barrels of oil now “missing” from the world
oil market, owing to sanctions on Iranian oil, disappointments
in Iraqi production, and disruptions to various degrees in Libya,
South Sudan, Nigeria, and Yemen. The shortfall is being partly
made up by Saudi Arabia, which is producing at its highest level.
But the growth in US oil output has been crucial in compensating for the missing barrels. Without it, the world would be
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