Thursday, April 12, 2012
Price spikes of crude oil during the middle of the last decade prompted the United States to reduce its reliance on petroleum imports. Since 2005, gross oil imports have declined 17%, according to the Congressional Research Service, while gross oil exports have increased by about 150%.
The United States imports crude oil and exports processed petroleum products.
“The economic downturn and higher oil prices were a drag on oil consumption, while price-driven private investment and policy helped increase domestic supply of oil and oil alternatives,” writes Neelesh Nerurkar.
Currently, about 45% of all oil consumed in the U.S. comes from foreign sources. Nerurkar says this percentage is expected to drop further, to under 40% by 2020.
While imports have declined, exports of petroleum products, such as gasoline and diesel fuel, have more than doubled. From 2005 to 2011, U.S. exports increased from 1.2 million barrels a day to 2.9 million.
-Noel Brinkerhoff
To Learn More:
U.S. Oil Imports and Exports (by Neelesh Nerurkar, Congressional Research Service) (pdf)
U.S. Oil Exports Reach Record Highs; That’s Right…Exports (by Noel Brinkerhoff, AllGov)
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