A Comprehensive Overview of America’s Reliance on Foreign Oil
The United States has long been one of the most energy-hungry countries in the world, and for many years, the majority of the oil it has consumed has been imported from foreign countries. In 2018, the U.S. imported more than 8.1 million barrels of oil per day, and the major sources of that oil were Canada, Saudi Arabia, Mexico, Venezuela, and Colombia.
How Much Oil Does the U.S. Import Every Year?
In 2018, the U.S. imported a total of 2.96 billion barrels of oil, which was an increase of 5% compared to 2017. This was the highest amount of oil imported by the U.S. since 2007. Of the total imports, around 67% was crude oil, while the remaining 33% was refined products.
Where Does the U.S. Get its Oil From?
Canada was the largest supplier of oil to the U.S. in 2018, and accounted for 42% of all U.S. oil imports. Saudi Arabia was the second-largest supplier, providing 20% of the total imports. Mexico, Venezuela, and Colombia were the third, fourth, and fifth-largest suppliers, respectively. These five countries accounted for nearly 90% of all U.S. oil imports in 2018.
What Types of Oil Does the U.S. Import?
The majority of the oil that the U.S. imports comes in the form of crude oil. Crude oil is the raw, unrefined form of petroleum, and it must be processed in a refinery before it can be used as fuel. The U.S. also imports a significant amount of refined petroleum products, such as gasoline, diesel fuel, and jet fuel.
Why Does the U.S. Rely on Imported Oil?
The U.S. relies on imported oil for a few reasons. First, the U.S. has limited domestic oil reserves, and it is not able to produce enough oil to meet its own demand. Additionally, much of the oil produced domestically is more expensive than imported oil, so it makes sense for the U.S. to purchase oil from abroad. Finally, the U.S. has long-standing diplomatic and economic relationships with many of the countries that it imports oil from, which makes it easier to purchase oil from them.
What Is the Impact of U.S. Oil Imports?
The U.S.’s reliance on imported oil can have both positive and negative impacts. On the one hand, importing oil from foreign countries helps to keep energy prices low in the U.S., which is beneficial to consumers. On the other hand, relying on foreign oil can put the U.S. at the mercy of countries that may have different interests and goals than the U.S.
Will the U.S. Continue to Rely on Imported Oil?
The U.S. will likely continue to rely on imported oil in the future, as the country is not likely to be able to produce enough oil to meet its own demand. Additionally, the U.S. has strong diplomatic and economic relationships with many of the countries that it currently imports oil from, which makes it likely that the U.S. will continue to purchase oil from them.
Conclusion
The U.S. imported more than 8.1 million barrels of oil per day in 2018, with the majority of that oil coming from Canada, Saudi Arabia, Mexico, Venezuela, and Colombia. The U.S. relies on imported oil because it does not have enough domestic reserves, and because much of the domestic oil is expensive compared to imported oil. The U.S.’s reliance on imported oil can have both positive and negative impacts, but it is likely that the U.S. will continue to rely on imported oil in the future.