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 2 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

Stock Market Today: S&P 500 Sets a Record After Wall Streets Breaks Out of Its Lull

DON'T MISS

California Wants to Pay Doctors More Money to See Medicaid Patients

DON'T MISS

Federal Reserve Still Foresees 3 Rate Cuts This Year but Envisions Fewer Cuts in Future

DON'T MISS

Traffic Questions Prompt Fresno Council to Delay Approval of New Northwest Costco

DON'T MISS

House Passes Bipartisan $460B Spending Package. Senate Expected to Act Before Shutdown Deadline.

DON'T MISS

$7 Million Grant Will Support Workers Laid Off From Farming Giant

DON'T MISS

What Recession? Professional Forecasters Raise Expectations for US Economy in 2024

DON'T MISS

Controversial Industrial Project Approved With Fresno at ‘Economic Crossroads’

DON'T MISS

Why Now Is a Crucial Time to Pay Off Credit Card Debt

DON'T MISS

Gas Prices Surge Across the U.S., Highest in Nearly Three Months

No data was found

Former Sen. Joe Lieberman, Democrats’ VP Pick in 2000, Dead at 82

15 hours ago

Trump Criticizes Judge and His Daughter After Gag Order in Hush-Money Case

16 hours ago

CA Insurance Market ‘in Chaos,’ Says Former Insurance Commissioner. Can Lara Fix It?

16 hours ago

Stock Market Today: S&P 500 Sets a Record After Wall Streets Breaks Out of Its Lull

16 hours ago

House Speaker Mike Johnson Headed to Fresno on April 4

17 hours ago

Bredefeld, Smittcamp Debate the Salary of Valley Children’s CEO

17 hours ago

CA’s Liberal Government Has a Long History of Caving to Special Interests

17 hours ago

Corrupt Process? Bullard, Edison Parents Blast Handling of Superintendent Search

17 hours ago

Police Had About 90 Seconds to Stop Traffic Before Baltimore Bridge Fell. 6 Workers Are Feared Dead

19 hours ago

NBC Has Cut Ties With Former RNC Head Ronna McDaniel After Employee Objections, Some on the Air

19 hours ago

Supermom Carmi Is Ready to Be Embraced by Her Forever Family

Carmi, an incredible 1-year-old kitten mama, can be very gentle but can also get overstimulated and give love bites. Even her warm, honey-co...
Animals /

2 hours ago

Animals /
2 hours ago

Supermom Carmi Is Ready to Be Embraced by Her Forever Family

10 hours ago

Ukrainian Navy Says a Third of Russian Warships in the Black Sea Have Been Destroyed or Disabled

Composite image of President Trump and Devin Nunes
14 hours ago

Wired Wednesday: How Going to Work for Trump Turned Devin Nunes Into a Millionaire

15 hours ago

Former Sen. Joe Lieberman, Democrats’ VP Pick in 2000, Dead at 82

16 hours ago

Trump Criticizes Judge and His Daughter After Gag Order in Hush-Money Case

16 hours ago

CA Insurance Market ‘in Chaos,’ Says Former Insurance Commissioner. Can Lara Fix It?

16 hours ago

Stock Market Today: S&P 500 Sets a Record After Wall Streets Breaks Out of Its Lull

17 hours ago

House Speaker Mike Johnson Headed to Fresno on April 4

MENU

CONNECT WITH US

Search

Send this to a friend