Please ensure Javascript is enabled for purposes of website accessibility
America Produces Enough Oil to Meet Its Needs, so Why Do We Import Crude?
News
By News
Published 3 years ago on
March 28, 2022

Share

 

According to the U.S. Energy Information Administration (EIA), in 2020 America produced 18.4 million barrels of oil per day and consumed 18.12 million. And yet that same report reveals that the U.S. imported 7.86 million barrels of oil per day last year.

That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude. And, while the U.S. does produce enough oil to meet its own needs, it is the wrong type of oil.

Read more from NASDAQ

RELATED TOPICS:

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

California Proposes Allowing Testing of Self-Driving Heavy-Duty Trucks

DON'T MISS

Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

DON'T MISS

Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

DON'T MISS

Selma Mayor Charged With Electioneering Violation on Election Day

DON'T MISS

Fresno Air Improves. Where Does It Rank in the US?

DON'T MISS

As Harris Ponders Run for CA Governor, Is She Prepared for the Daunting Job?

DON'T MISS

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

DON'T MISS

Conflicting US-China Talks Statements Add to Global Trade Confusion

DON'T MISS

Driving Near the Fresno Airport Next Week? Plan for Road Closures

DON'T MISS

Misty Her: Push for Fresno Unified Turnaround Starts Now With ‘Boots on the Ground’

UP NEXT

California’s Economy Ranks Fourth Worldwide, Surpasses Japan

UP NEXT

On Major Economic Decisions, Trump Blinks, and Then Blinks Again

UP NEXT

Given Its Failures, Can California Manage a Transition to a Carbon-Free Future?

UP NEXT

Tariff Optimism Fuels Wall Street Gains as Trump Eases Stance on Powell

UP NEXT

California’s Economy Was Already Sluggish Before Trump’s Global Tariffs

UP NEXT

Student Loans in Default Will Be Sent for Collection. Here’s What to Know for Borrowers

UP NEXT

Wall Street Rallies and Recovers All of Monday’s Slide as the Dollar and US Bond Market Steady

UP NEXT

Gold’s Record Run Gains Further Traction; Market Conquers $3,500/Oz

UP NEXT

How Companies Are Responding to Trump’s Tariffs

UP NEXT

Oil Falls on Signs of Progress in US-Iran Talks Amid More Market Stress

Selma Mayor Charged With Electioneering Violation on Election Day

4 hours ago

Fresno Air Improves. Where Does It Rank in the US?

4 hours ago

As Harris Ponders Run for CA Governor, Is She Prepared for the Daunting Job?

4 hours ago

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

5 hours ago

Conflicting US-China Talks Statements Add to Global Trade Confusion

5 hours ago

Driving Near the Fresno Airport Next Week? Plan for Road Closures

5 hours ago

Misty Her: Push for Fresno Unified Turnaround Starts Now With ‘Boots on the Ground’

6 hours ago

Fresno Police Arrest 17 in Domestic Violence Crackdown

6 hours ago

What’s Next for Fresno Smoke Shop Ordinance: Lawsuit, Veto, Override?

7 hours ago

Visalia Man Sentenced to Life in Prison for 2019 Fatal Stabbing

7 hours ago

California Proposes Allowing Testing of Self-Driving Heavy-Duty Trucks

LOS ANGELES — California regulators have released a new proposal to allow the testing of self-driving heavy duty trucks on public roads. The...

3 hours ago

3 hours ago

California Proposes Allowing Testing of Self-Driving Heavy-Duty Trucks

3 hours ago

Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

3 hours ago

Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

Selma Mayor Scott Robertson (left) has been charged with misdemeanor electioneering for allegedly campaigning near voters at a polling place during the November 2024 election. (Facebook)
4 hours ago

Selma Mayor Charged With Electioneering Violation on Election Day

4 hours ago

Fresno Air Improves. Where Does It Rank in the US?

4 hours ago

As Harris Ponders Run for CA Governor, Is She Prepared for the Daunting Job?

5 hours ago

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

A drone view shows containers at the terminals at the port in Kwai Chung in Hong Kong, China, April 3, 2025. (REUTERS/Tyrone Siu/File Photo)
5 hours ago

Conflicting US-China Talks Statements Add to Global Trade Confusion

Help continue the work that gets you the news that matters most.

Search

Send this to a friend