Replies to post #121652 on Politics and Money

[lesgetrich]

As explained before dum, dum, all refineries in the world buy their oil on a global market. If a US refinery can get their oil cheaper or get a more cost effective quality from a source in Saudi Arabia or Venezuela, or Canada than a US source, they won't buy it from the US source. Adding to the supply of global oil from any country will lower the price globally. It's simple supply and demand...

How much petroleum does the United States import and export?

In 2021, the United States imported about 8.47 million barrels per day (b/d) of petroleum from 73 countries. Petroleum includes crude oil, hydrocarbon gas liquids (HGLs), refined petroleum products such as gasoline and diesel fuel, and biofuels. Crude oil imports of about 6.11 million b/d accounted for about 72% of U.S. total gross petroleum imports in 2021, and non-crude oil petroleum accounted for about 28% of U.S. total gross petroleum imports.

In 2021, the United States exported about 8.63 million b/d of petroleum to 176 countries and 4 U.S. territories. Crude oil exports of about 2.98 million b/d accounted for 35% of total U.S. gross petroleum exports in 2021. The resulting total net petroleum imports (imports minus exports) were about -0.16 million b/d in 2021, which means that the United States was a net petroleum exporter of 0.16 million b/d in 2021.

The top five source countries of U.S. gross petroleum imports in 2021 were Canada, Mexico, Russia, Saudi Arabia, and Colombia.