Growth in US oil consumption to slow significantly

AEO 2009 projects liquid fuel demand will grow by 1 million barrels per day between 2007 and 2030. In addition, the increased use of domestically-produced biofuels and rising domestic oil production spurred by higher prices will mean the net import share of total liquids supplied (including biofuels) will decline by 58% in 2007 to below 40% in 2025. It will then increase to 41% in 2030.

According to the AEO 2009 reference case, the average real price of crude oil will be $130 per barrel in 2007 d