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Nineteen percent of imported oil came from the Middle East. [8] The fraction of crude oil consumed in the US that was imported went from 35% immediately before the 1973 oil crisis, peaked at 60% in 2005, and then returned to 35% by 2013 [9] thanks to increased domestic production [10] from the shale oil boom. [11]
Tankers supplied 31 percent of the oil arriving at US refineries in 2014, down from 48 percent in 2005; the decline reflects decreased oil imports since 2005. For shorter-distance water transport, oil is shipped by barge, which accounted for 5.7 percent of oil arriving at refineries in 2014, up from 2.9 percent in 2005.
These long-term efforts became effective enough that US oil consumption rose only 11 percent during 1980–2014, while real GDP rose 150 percent. But in the 1970s, OPEC nations demonstrated convincingly that their oil could be used as both a political and economic weapon against other nations, at least in the short term.
1. Imports by type Unless explicitly referred to as crude oil, when we read about "oil imports" the number tossed about often includes refined petroleum products such as diesel, jet fuel, and ...
The US is pumping a record amount of oil. But that may not be welcome news to other crude-producing nations. Domestic output reached 13.4 million barrels a day in August, eclipsing all previous ...
The US, which imported only 12% of its oil from the Middle East (compared with 80% for the Europeans and over 90% for Japan), remained staunchly committed to Israel. The percentage of US oil which comes from the nations bordering the Persian Gulf remained steady over the decades, with a figure of a little more than 10% in 2008. [182]
US oil production, imports, and exports. Crude oil made up 24% of production in 2021. [22] Oil has more than doubled from a slump in the early 2000s, even surpassing its previous peak in 1970. Imports have declined during the same time period, but the US still net imports 20% of consumption. [26] The US has been the largest producer of crude ...
The US and other oil-producing nations will account for the bulk of crude supply growth in 2025, Bank of America said. The US and other crude producers will take more oil market share from OPEC in ...