In 2021, the US exported approximately 8.63 million barrels of petroleum a day. The import, in the meantime, was 8.47 million barrels of petroleum per day. This makes the country a leading exporter of petroleum for two years consecutively. In short, the production of petroleum was 18.66 million barrels per day. We consumed 19.78 million barrels a day. Strange as it may sound, the US exports crude oil to 176 countries and 4 US territories according to US Federal Government website. Hence this data is indeed authentic.
The COVID-19 pandemic caused epic fluctuations in the crude oil supply chain. Even then, the US produced up to 40% of the petroleum it needed. Still, the country is a net importer of crude oil.
From where is the US importing Crude Oil?
We are sharing this information with you because as a fuel station owner, you really need to know the story behind the gasoline you sell to hundreds of customers every day. As they say, a learned mind is a successful mind.
The countries that export crude oil to the US include Gulf countries, African countries and Latin American countries. A substantial portion of the crude oil being imported into the United States is refined by hundreds of refineries and turned into gasoline, diesel, jet fuel, heating oil and other petroleum products as required. Crude oil is also traded as a commodity on various exchanges around the world which explains the price volatility associated with crude oil. A small percentage of the crude oil produced in the US is extracted through a process called fracking where oil is extracted from shell hidden underground. Click here to learn more.
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