Where does the US get its oil by country 2022? How much oil does the US import each year?
The tensions in eastern Europe have brought oil back into the spotlight as prices of crude jumped to a seven-year high.
With the fear of a Russian invasion of eastern Ukraine at fever pitch, stock markets in the US and Europe tumbled. Wall Street stocks fell between 1 and 2 percent, with Tesla stock being badly hit, dropping 4 percent.
But a commodity that is not sliding on news of war is oil. Prices hit $96 a barrel on Wednesday, the highest in eight years since Russia occupied the Crimea. This marks a massive percent increase since the start of the year.
This increase in price is crucial as the US is a net importer of crude oil, leaving its people at the whim of price fluctuations. It will come as no surprise that the rising price of oil will put further strain on US inflation, somehting people can ill afford considering its rise in the last year.
How much oil does the US import?
The US Energy Information Administration (EIA) has published data for the amount of oil that the US imports. In the month of November 2021, which is the last data set available, the US imported 254,162,000 barrels of oil. It consumes a stunning 17.2 million barrels per day, much more than the just over 3 million of Russia.
The vast majority is from Canada, 136,090,000, making up over 50 percent of all imports. From Russia, 17,855,000 barrels were imported, with November's imports being the lowest value of the year, but still 7 percent of all imports. With sanctions looming, there is a large liklihood that these barrels will stop arriving in the US.
Related news:
But it is not just these barrels which are driving up costs. Sanctions from other NATO members are likely to preclude them from receiving oil from Russia too. Undotedly, the price of oil will, and already is, increasing. Some analysts predict the price will rise to nearly $150 a barrel as Russia produces 17 percent of all natural gas and 12 percent of the world's oil.
Other countries that the US imports oil from are Mexico, 10 percent, Saudi Arabia, 7 percent, and Colombia, 4 percent. Despite producing a lot of oil iutself, the US is trying to ween itself of a reliance on oil products, a move that has drawn the ire of Republicans who see the move towards renewables problematic in a time of high energy prices.