Mining 1991

Lingering effects of the 1990 oil shock that included overbuilding and corporate and individual financial distress caused the Gross Domestic Product to fall slightly to $5.67 billion (US billion = l09). With 254 million people - 697,000 in mining and petroleum - the US has more than 100 million dwelling units and 190 million licensed motor vehicles. New private housing starts fell 15% to one million units. New car production fell 11 % to 5.4 million units. Truck and bus production fell 8% to 3.4 million units. The inflation rate was 3%, while the prime rate of interest was 8.5%. The Producer Price Index (1982 = 100) changed as follows: -fuels and related products and power down 1% to 8l, • metals and metal products down 2% to 120, • chemicals and allied products up 2% to 126, and • non-metallic mineral products up to 2% to 117. Energy Imports of crude and refined petroleum, costing $50 billion, fell 5% to 2.8 billion bbl. Domestic petroleum production rose 1% to 3.6 billion bbl. Petroleum supplied about 39% of US energy, natural gas 24% and coal 22%. The National Energy Strategy was announced in February 1991. Its purpose is to encourage domestic production of fossil fuels and nuclear and renewable energy and to stimulate efficiencies in use. Congress continued to debate the strategy and took no action. Coal production fell 3% to 902 Mt (994 million st). About 60% of that came from surface operations. Seventy-eight percent of the total was used to generate electricity and 3% was coked.