According to the Energy Information Administration, the United States in 2019 imported about 9.14 million barrels of oil
Posted: Thu May 19, 2022 8:53 am
According to the Energy Information Administration, the United
States in 2019 imported about 9.14 million barrels of oil per day
from about 90 countries, while exporting 8.47 barrels of oil per
day to 190 countries and 4 US territories. It’s very complicated
(e.g. Canada supplies 48% of our imports, but we in turn export to
Canada over a million barrels a day of refined petroleum products).
https://www.investopedia.com/articles/i ... prices.asp
Only 10 years ago, the USA relied heavily on imported oil. Now,
we don’t. Is this change good, bad, or neutral for the USA?
Having a lower trade deficit in the energy sector is the single
most important step toward restoring the USA's global economic
predominance.
It's good for American oil companies, but it's
otherwise irrelevant.
It's irrelevant to the price of oil, which is set by the
Organization of Petroleum Exporting Countries.
Reduced dependence on imported oil will not in itself reduce the
consumer price of petroleum products (the price of a barrel of oil
is set by the global marketplace anyway), but a reduction in
imports raises the value of net exports -- and GDP is
calculated as the sum of
consumption, investment, government spending, and net
exports.
States in 2019 imported about 9.14 million barrels of oil per day
from about 90 countries, while exporting 8.47 barrels of oil per
day to 190 countries and 4 US territories. It’s very complicated
(e.g. Canada supplies 48% of our imports, but we in turn export to
Canada over a million barrels a day of refined petroleum products).
https://www.investopedia.com/articles/i ... prices.asp
Only 10 years ago, the USA relied heavily on imported oil. Now,
we don’t. Is this change good, bad, or neutral for the USA?
Having a lower trade deficit in the energy sector is the single
most important step toward restoring the USA's global economic
predominance.
It's good for American oil companies, but it's
otherwise irrelevant.
It's irrelevant to the price of oil, which is set by the
Organization of Petroleum Exporting Countries.
Reduced dependence on imported oil will not in itself reduce the
consumer price of petroleum products (the price of a barrel of oil
is set by the global marketplace anyway), but a reduction in
imports raises the value of net exports -- and GDP is
calculated as the sum of
consumption, investment, government spending, and net
exports.