NEW YORK, NY -- (Marketwire) -- 04/09/12 -- American Liberty Petroleum, Corp. (OTCBB: OREO), a company focused on reducing America's need for imported oil through discovering major, new onshore U.S. energy resources, has recently announced completion efforts of their newly acquired Western US well.
Today, hundreds of thousands of barrels of oil are produced in the western part of the country through the combined efforts of major industry players such as Chevron (NYSE: CVX ), Occidental Petroleum (NYSE: OXY) and Aera Energy -- jointly owned by ExxonMobil (NYSE: XOM) and Royal Dutch Shell (RDS-A), and smaller producers like American Liberty, all of which are helping to reduce US dependency on imported oil.
According to US Energy Information Administration's recently released Annual Energy Outlook 2012 Early Release, at its peak in 2005, 60% of fuel consumed in the U.S. was imported. This percentage decreased to 49% in 2010, and the EIA believes this trend will continue until 2035 when foreign fuel will constitute only 36% of fuel consumed in the United States. This trend is due to increased domestic fuel supply from growth in domestic oil production.
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