where does the united states buy oil from
Petroleum in the United States In 2014, petroleum and natural gas were the two largest sources of energy in the U.S., together providing 63 percent of the energy consumed (oil provided 35 percent and gas 28 percent).[6] In 2008 the United States consumed 19.5 million barrels (3,100,000Â m3) per day of petroleum products, of which 46 percent was gasoline, 20 percent diesel fuel and heating oil, and 10 percent liquefied petroleum gas.[7] In 2015, the U.S. imported 24% of the petroleum it used, the lowest since 1970.[8] The largest sources of U.S. imported oil were: Canada (40%), Saudi Arabia (11%), Venezuela (9%), Mexico (8%), and Colombia (4%).[9]
Price of oil From 1999 til mid 2008, the price of oil rose significantly. It was explained by the rising oil demand in countries like China and India.[7] In the middle of the financial crisis of 2007–2008, the price of oil underwent a significant decrease after the record peak of US$147.27 it reached on July 11, 2008. On December 23, 2008, WTI crude oil spot price fell to US$30.28 a barrel, the lowest since the financial crisis of 2007–2010 began. The price sharply rebounded after the crisis and rose to US$82 a barrel in 2009.[8] In July 2008 oil reached a record peak of US$147.27 but by February 2009 it sank beneath $40 a barrel.[9] On 31 January 2011, the Brent price hit $100 a barrel for the first time since October 2008, on concerns about the political unrest in Egypt.[10] For about three and half years the price largely remained in the $90–$120 range. In the middle of 2014, price started declining due to a significant increase in oil production in USA, and declining demand in the emerging countries.[11] The oil glut—caused by multiple factors—spurred a sharp downward spiral in the price of oil that continued through February 2016.[12] By February 3, 2016 oil was below $30—[13] a drop of "almost 75 percent since mid-2014 as competing producers pumped 1-2 million barrels of crude daily exceeding demand, just as China's economy hit lowest growth in a generation."[14] Some analysts speculate that it may continue to drop further, perhaps as low as $18[15]