17 Percent 09/11/2009
That is the percentage of total U.S. crude oil imports that came from the Middle East in June 2009, the last month for which data is available.
One of the biggest and most prevalent myths out there is that the U.S. imports most of its oil from the Middle East. This is the fountainhead for a thousand conspiracy theories centered on America's thirst for Islamic oil.
Yes, the oil market is sufficiently tight that major disruptions in the Middle East can have huge effects on world oil prices, and thus have significant effects on the American economy. But the U.S. gets most of its oil from its Western Hemisphere neighbors: Canada, Venezuela, and Mexico provide for over half of U.S. crude oil imports.
Expect this figure to rise as Brazil's begins tapping its vast offshore deposits. And although American reserves are in decline, the U.S. is still the third largest oil producer in the world, supplying 1/4 of domestic oil consumption.
One of the biggest and most prevalent myths out there is that the U.S. imports most of its oil from the Middle East. This is the fountainhead for a thousand conspiracy theories centered on America's thirst for Islamic oil.
Yes, the oil market is sufficiently tight that major disruptions in the Middle East can have huge effects on world oil prices, and thus have significant effects on the American economy. But the U.S. gets most of its oil from its Western Hemisphere neighbors: Canada, Venezuela, and Mexico provide for over half of U.S. crude oil imports.
Expect this figure to rise as Brazil's begins tapping its vast offshore deposits. And although American reserves are in decline, the U.S. is still the third largest oil producer in the world, supplying 1/4 of domestic oil consumption.
Comments
Leave a Reply
Loading
