US & Crude Oil
11/Nov 2008
The DOE website shows how much crude oil the US imports each month and where it comes from. It’s a good read. http://tonto.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_epc0_im0_mbbl_m.htm
Here’s a breakdown of the top six places (I wanted to include Iraq) we imported crude oil from in August, 2008:
| Rank | Country | # Barrels | % of Top 6 | % of Total Imports |
|---|---|---|---|---|
| 1 | Canada | 56.8M | 24% | 18% |
| 2 | Saudi Arabia + | 47.5M | 20% | 15% |
| 3 | Mexico | 40M | 17% | 13% |
| 4 | Venezuela * | 35.5M | 15% | 11% |
| 5 | Nigeria * | 32.1M | 14% | 10% |
| 6 | Iraq *+ | 20.5M | 9% | 6% |
I find this pretty interesting.
- We get most of our crude oil from Canada
- Iraq only supplies 9% of Canada’s number & 6% overall
- Only two of the top six exporters are in the Middle East (+)
- Four of the top six are in OPEC ()
All in all, we get 56% of our crude from OPEC. Only 23% comes from the Middle East. I always thought that number would be much higher. I never new that OPEC had countries outside of the Middle East.
In case you were wondering, we only imported 6.2M barrels from Kuwait. I also thought that would have been much higher.
So much for my ignorance…