Oil trade between
countries is driven by global demand by type of oil. Oil is used for all types
of fuels and other products. Not all types needed are produced by the countries
that want them, so it is common to see all 100 oil producing countries
importing and exporting oil. Some countries import oil because they have
refineries. Oil is used in the production of plastics.
The US consumes 20
million barrels per day for all purposes and is currently producing 11.1
million bpd. The US imports 10 million bbd and exports 7.5 million bpd.
US oil imports
continue to be around 10 million barrels per day. About 4 billion bpd comes from Canada, 3
billion bpd comes from OPEC and 3 billion bpd from over 40 other countries.
US oil exports are
around 7.5 million bbd to over 40 countries.
We expect the US to
increase its oil production to 20 million bpd within a few years. This would be
our signal that we are “energy self-sufficient”, but we will still see imports
for special purposes. Our oil reserves are large and fracking allows us to
drill all of it.
Norb Leahy, Dunwoody
GA Tea Party Leader
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