Crude oil imports surged 48% in February.

The American Petroleum Institute attributed the big jump in crude oil imports to unusually low purchases in the comparable period a year earlier rather than the effects of this winter’s oil price collapse. Imported oil accounted for 29% of U.S. demand during the month, slightly lower than the average for all of 1985. Industry officials have warned that the price collapse could eventually boost U.S. dependence on foreign oil to the 45% range that it reached in the late 1970s.