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EXACTLY HOW DEPENDANT IS THE UNITED STATES ON FOREIGN OIL?

ABSTRACT

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EXACTLY HOW DEPENDANT IS THE UNITED STATES ON FOREIGN OIL?

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  1. ABSTRACT We often hear this talking point debated with our politicians and presidents who make campaign promises to wean us off from "rogue nations" that supply oil to the United States. But how much really has changed since 9/11 and what are the factors that have contributed to these changes? Surprisingly, the notion that we are dependent upon the Middle East for all of our imported oil is a myth. Which nation is the top supplier for petroleum to the United States? You may be surprised to learn. Major changes are currently in motion with the supply of Natural Gas production in the United States. New technologies commonly known as hydraulic fracturing or "fracing" for the extraction of natural gas are coming on line and opening up huge reserves from the domestic supply. These changes are creating many new jobs in this industry and have contributed to substantially lower electricity bills in the residential heating market. But these new technological advances have not come without other consequences. Coal, a major provider of electricity in the United States has been widely affected and outpaced by the natural gas market. Some see the future of natural gas and a way to finally render the coal industry obsolete and put it to rest for good. • Who uses the most? • Top World Oil Consumers • In thousands barrels per day • #1 United States18,949 • #2 China8,924 • #3 Japan4,464 • #4 India3,426 • #5 Saudi Arabia2,986 EXACTLY HOW DEPENDANT IS THE UNITED STATES ON FOREIGN OIL? • DISCUSSION AND CONCLUSIONS • As can be seen on maps showing importing trends in the U.S., Canada has been the dominant supplier of oil to the U.S. Dependence on imported oil has declined since peaking in 2005. • This trend is the result of a variety of factors: • The economic downturn after the financial crisis of 2008 • Improvements in efficiency • Changes in consumer behavior • Increased use of domestic biofuels (ethanol and biodiesel) • Strong gains in domestic crude oil and natural gas production • Tighter fuel efficiency standards • Higher prices • Renewable fuel mandates leads to more domestic production of petroleum and biofuels By April Abate-Adams

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