America Produces Enough Oil to Meet Its Needs, so Why Do We Import Crude?
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:
Selma Mayor Charged With Electioneering Violation on Election Day
Crime /
4 hours ago
Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up
Economy /
5 hours ago
Conflicting US-China Talks Statements Add to Global Trade Confusion
World /
5 hours ago
Fresno Police Arrest 17 in Domestic Violence Crackdown
Crime /
6 hours ago
Visalia Man Sentenced to Life in Prison for 2019 Fatal Stabbing
Crime /
7 hours ago
Latest
Videos

Politics /
3 hours ago
Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

Crime /
3 hours ago
Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

Crime /
4 hours ago
Selma Mayor Charged With Electioneering Violation on Election Day

Economy /
5 hours ago
Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

World /
5 hours ago
Conflicting US-China Talks Statements Add to Global Trade Confusion

Video /
2 days ago
Wired Wednesday: What’s the Future of Fresno Unified and the Superintendent Position?

Opinion /
4 days ago
Zakaria Draws Parallels Between Trump’s Tariffs, Failed 1930s Economic Policies

Local /
1 week ago