When it comes to oil, the U.S. produces about 40% of its own and imports the rest. Last year, our country imported almost 11 million barrels per day (including crude oil, gasoline, ethanol, and biodiesel). But you may be surprised as to where it came from…
While many people believe we get most of our oil from the Middle East, we actually get most of it from Canada, with Latin America (including Mexico and Venezuela) as our second largest supplier. The Persian Gulf only supplies about 13% and of that 13%, only 8% is from Saudi Arabia and almost none is from Iraq or Iran. We also import oil from Africa (mainly Nigeria).
Does It Matter?
In an article by npr, analysts say where we get our oil from isn’t very important. Keith Crane, an energy expert at RAND Corp., says, “Anybody who follows the oil industry will tell you that it doesn’t make any difference where the oil comes from.”
Because global markets are so intertwined, an event can happen in a country that we don’t import oil from and it can still affect our oil markets.
Our rate of domestic oil production has increased, so in the years to come, our country won’t be relying as much on others for its oil.