Foreign oil use at all-time highThe United States used a...

BUSINESS DIGEST

January 20, 1994

Foreign oil use at all-time high

The United States used a record amount of foreign oil in 1993, largely because of a continuing decline in domestic production, an industry group said yesterday.

The United States imported 49.5 percent of its petroleum, or an average of almost 8.5 million barrels per day, according to the American Petroleum Institute. This was 7.8 percent higher than the almost 7.9 million barrels per day imported in 1992, API said. The previous annual peak in imports was 47.7 percent in 1977, API said.

Prague is assigned S&P rating

Prague has become the first city in the former Soviet bloc to receive an international debt rating, further strengthening the Czech Republic capital's reputation as the economic star of Eastern Europe.

The city, which plans a $250 million Eurobond offering later this year, has been assigned an implied "BBB" rating for its senior debt, said rating company Standard & Poor's.

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