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Majority of US imports come from Canada. American reliance on Middle Eastern oil is small. America is down to 27% imports: http://www.eia.gov/tools/faqs/faq.cf
by criley2 12y ago
Majority of US imports come from Canada. American reliance on Middle Eastern oil is small.
America is down to 27% imports: http://www.eia.gov/tools/faqs/faq.cfm?id=32&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=32&t=6
America imports roughly three times as much from Canada as it does Saudi Arabia: http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6 http://www.eia.gov/tools/faqs/faq.cfm?id=727&t=6
America currently has 690 million barrels in strategic reserve (It's silly to assume that Canadian imports would ever be cut off, but if the 3 million barrels elsewise got cut, we could potentially last for years on the reserve).
That 690 million barrel reserve doesn't count the nation stock of oil. The United States is experiencing a massive oil glut with the oil inventories currently at an 80 year high (and sitting near maximum national capacity) at 482.4 million barrels of inventory. http://www.arkansasonline.com/news/2015/apr/13/tanks-full-of-oil-u-s-refineries-to-pum/?f=latest http://www.arkansasonline.com/news/2015/apr/13/tanks-full-of...
So yeah, the US imports about 5,000,000 barrels a day (strong majority of that from Canada), but has over 1,000,000,000 barrels of oil stored inside our borders as inventory and reserve.
- maxerickson 12y agoAm I doing the arithmetic right, that it is a 200 day reserve? That creates some flexibility, but it isn't that long a period of time.
- pixl97 12y ago200 days at current usage. If the supply was cut off, of course, prices would go up and usage would go down. Prices going up would re-open a huge amount of U.S. production that is currently shut-in.