US Oil Import 9-20-24

The United States imports oil and gas from many countries, including: 

• Canada: The primary source of imported petroleum, with Canada supplying 61% of the U.S.'s crude oil imports in 2021. 
• Mexico: The second largest source of imported petroleum, supplying 10% of the U.S.'s crude oil imports in 2021. 
• Saudi Arabia: The third largest source of imported petroleum, supplying 6% of the U.S.'s crude oil imports in 2021. 
• Iraq: A source of imported petroleum. 
• Colombia: A source of imported petroleum. 
• Russia: A source of imported petroleum, supplying 3% of the U.S.'s crude oil imports in 2021. 
• Nigeria: A source of imported petroleum. 
• Venezuela: A source of imported petroleum. 

The U.S. has built strong ties with neighboring exporters Canada and Mexico to avoid overdependence on OPEC and OPEC+ members.  

In 2020, the United States became a net exporter of petroleum for the first time since at least 1949.¹ In 2022, total petroleum exports were about 9.52 million barrels per day (b/d) and total petroleum imports were about 8.33 million b/d, making the United States an annual net total petroleum exporter for the third year in a row. Total petroleum net exports were about 1.19 million b/d in 2022. Also in 2022, the United States produced² about 20.08 million b/d of petroleum and consumed³ about 20.01 million b/d. Although U.S. annual total petroleum exports were greater than total petroleum imports in 2020, 2021, and 2022, the United States still imported some crude oil and petroleum products from other countries to help to supply domestic demand for petroleum and to supply international markets. The United States remained a net crude oil importer in 2022, importing about 6.28 million b/d of crude oil and exporting about 3.58 million b/d. Some of the crude oil that the U.S. imports is refined by U.S. refineries into petroleum products—such as gasoline, heating oil, diesel fuel, and jet fuel—that the U.S. later exports. Also, some of imported petroleum may be stored and later exported.

US Oil imports by year went down from 2018 to 2019 and went back up in 2020 to 2021.

Year Imports in Billion Barrels per Day

2021 2.23155

2020 2.15027

2019 2.4823

2018 2.8355

https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php

US Trade Deficit

This Trade Deficit update includes data from Jan-Jun 2021. The US trade deficit went out of control in 2021 and 2023. We need to produce everything we consume.

Year   $ Billions   

2024 -1135.1740 est

2023 -1717.3880  

2022 -1177.3729

2021 -1078.0531

2020   -977.0561

2019   -850.9174

2018   -870.3584

2017   -792.3960

2016   -735.3260

https://www.census.gov/foreign-trade/balance/c0004.html

Comments

The US consumes 20 billion BBD and produces 13 billion BBD each 2024. We need to increase oil production by 7 BBD to reach 20 BBD to become energy independent and dominant in natural gas exports. The US Trade Balance has not been updated since June 2024.

Norb Leahy, Dunwoody GA Tea Party Leader