U.S. Oil Imports: Context and Considerations (CRS Report for Congress)
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| Release Date |
April 1, 2011 |
| Report Number |
R41765 |
| Report Type |
Report |
| Authors |
Neelesh Nerurkar, Specialist in Energy Policy |
| Source Agency |
Congressional Research Service |
Summary:
Despite long standing concern by policy makers, U.S. oil imports have generally increased for decades. Two periods stand out as exceptions: the early 1980s and the last five years. Both periods were characterized by high oil prices, economic volatility, and attention to energy policy. U.S. oil imports fell each year between 2005 and 2010 to reach just under 50% of U.S. liquid fuel consumption, its lowest level since 1997. The economic downturn and higher oil prices were a drag on oil consumption, while price-driven private investment and policy helped increase domestic supply of oil and oil alternatives. Among the sources of net U.S imports, about a quarter of net imports come from Canada and another half come from countries that are members of the Organization of the Petroleum Exporting Countries (OPEC). Almost 20% of imports come from the Persian Gulf (from OPEC countries in the region). Global oil supply disruptions can shift import trends and raise prices for oil produced at home and imported. This is true even if the disruption occurs in countries that are not normally sources of U.S. imports. Even anticipation of disruption risks can have similar impacts.
