Oil imports are an important part of the United States economy and its energy security. This is an overview of the history and current situation of US oil imports by country.
The Pre-Oil Boom Period
Prior to the discovery of oil in the United States, most of the oil used in the country was imported from other countries. During this period, the United States imported oil mainly from European countries such as the United Kingdom, France, and Germany. During the late 1800s and early 1900s, oil imports from the Middle East began to increase as well.
The US Oil Boom
The discovery of oil in the United States in the early 1900s resulted in a massive increase in domestic production. This led to a dramatic decrease in imports from other countries. By the late 1930s, the United States was producing enough oil to meet its domestic needs.
The Post-WWII Oil Boom
After World War II, the United States experienced another oil boom. This time, the growth was driven by the newly discovered oil fields in the Middle East and the Persian Gulf region. As a result, imports from the Middle East began to increase significantly.
Recent Trends in US Oil Imports
In recent years, the United States has seen a decrease in its reliance on imported oil. This is due to the increased production from domestic sources such as shale oil, as well as increased efficiency and the use of alternative sources of energy. Despite this decrease, the United States still imports significant amounts of oil from other countries.
Canada
Canada is the largest source of imported oil for the United States. In 2018, Canada supplied the United States with more than 3.6 million barrels of oil per day. This accounted for more than 40% of all US oil imports. Canada is the United States’ most reliable source of imported oil and is expected to remain so in the foreseeable future.
Mexico
Mexico is the second-largest source of imported oil for the United States. In 2018, Mexico supplied the United States with more than 1.3 million barrels of oil per day. This accounted for about 15% of all US oil imports. Mexico is expected to remain an important supplier of oil to the United States in the coming years.
Saudi Arabia
Saudi Arabia is the third-largest source of imported oil for the United States. In 2018, Saudi Arabia supplied the United States with more than 1 million barrels of oil per day. This accounted for about 12% of all US oil imports. Saudi Arabia is an important source of oil for the United States and is expected to remain so in the foreseeable future.
Other Countries
In addition to the three major sources of imported oil, the United States also imports significant amounts of oil from other countries such as Venezuela, Iraq, Brazil, and Colombia. In 2018, these four countries supplied the United States with more than 700,000 barrels of oil per day. This accounted for about 8% of all US oil imports.
Conclusion
The United States is still heavily dependent on imported oil. However, in recent years, the United States has seen a decrease in its reliance on imported oil due to increased production from domestic sources and increased efficiency and the use of alternative sources of energy. Despite this decrease, the United States still imports significant amounts of oil from other countries such as Canada, Mexico, Saudi Arabia, and other countries.