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The United States made this decision in close consultation with our Allies and partners around the world, as well as Members of Congress of both parties. The United States is able to take this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to join us. But we are united with our Allies and partners in working together to reduce our collective dependence on Russian energy and keep the pressure mounting on Putin, while at the same taking active steps to limit impacts on global energy markets and protect our own economies.




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We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better.


Oil is everywhere, and in nearly everything: Our phones, our clothes, our food, and our medicine. It has driven industrial progress and technology. It has shaped our civilization, powered its rise. Despite all this, oil has exacted an enormous price: our climate is changing, smog is smothering cities around the world. That all comes, in part, from burning fossil fuels like oil.


Here at Planet Money, we thought the best way to see into the business of oil would be to get into the business of oil. Today on the show, that's exactly what we're going to do, starting with a briefcase full of cash and plane tickets to Kansas.


In 2021, the United States imported about 8.47 million barrels per day (b/d) of petroleum from 73 countries. Petroleum includes crude oil, hydrocarbon gas liquids (HGLs), refined petroleum products such as gasoline and diesel fuel, and biofuels. Crude oil imports of about 6.11 million b/d accounted for about 72% of U.S. total gross petroleum imports in 2021, and non-crude oil petroleum accounted for about 28% of U.S. total gross petroleum imports.


In 2021, the United States exported about 8.54 million b/d of petroleum to 176 countries and 4 U.S. territories. Crude oil exports of about 2.96 million b/d accounted for 35% of total U.S. gross petroleum exports in 2021. The resulting total net petroleum imports (imports minus exports) were about -0.06 million b/d in 2021, which means that the United States was a net petroleum exporter of 0.06 million b/d in 2021.


In 2021, the United States exported about 8.54 million barrels per day (b/d) and imported about 8.47 million b/d of petroleum,1 making the United States an annual total petroleum net exporter for the second year in a row since at least 1949. Total petroleum net exports were about 0.06 million b/d in 2021, and total petroleum net exports in 2020 were 0.63 million b/d. Also in 2021, the United States produced2 about 18.77 million b/d of petroleum and consumed3 about 19.89 million b/d. Even though U.S. annual total petroleum exports were greater than total petroleum imports in 2020 and 2021, the United States still imported some crude oil and petroleum products from other countries to help to supply domestic demand for petroleum and to supply international markets.


After generally increasing every year from 1954 through 2005, U.S. gross and net total petroleum imports peaked in 2005. Since 2005, increases in domestic petroleum production and increases in petroleum exports have helped to reduce annual total petroleum net imports. In 2020 and 2021, annual total petroleum net imports were actually negative, the first years since at least 1949.


U.S. petroleum imports rose sharply in the 1970s, especially from members of the Organization of the Petroleum Exporting Countries (OPEC). In 1977, when the United States exported relatively small amounts of petroleum, OPEC nations were the source of 70% of U.S. total petroleum imports and the source of 85% of U.S. crude oil imports.


Since 1977, the percentage shares of U.S. imports of total petroleum and of crude oil from OPEC have generally declined. In 2021, OPEC's share of U.S. total petroleum imports was about 11%, and its share of U.S. crude oil imports was 13%. Saudi Arabia, the largest OPEC petroleum exporter to the United States, was the source of 5% of U.S. total petroleum imports and 6% of U.S. crude oil imports. Saudi Arabia is also the largest source of U.S. petroleum imports from Persian Gulf countries. About 8% of U.S. total petroleum imports and 9% of U.S. crude oil imports were from Persian Gulf countries in 2021.


Petroleum imports from Canada increased significantly since the 1990s, and Canada is now the largest single source of U.S. total petroleum and crude oil imports. In 2021, Canada was the source of 51% of U.S. gross total petroleum imports and 61% of gross crude oil imports.


Because of logistical, regulatory, and quality considerations, exporting some petroleum is the most economical way to meet the market's needs. For example, refiners in the U.S. Gulf Coast region frequently find that it makes economic sense to export some of their gasoline to Mexico rather than shipping it to the U.S. East Coast because lower cost gasoline imports from Europe may be available to the East Coast.


  • Petroleum liquids include hydrocarbon gas liquids (HGLs). HGLs exports, mainly propane, have increased substantially since 2008, and in 2021, HGLs represented about 27% of total U.S. gross petroleum exports. The top five destinations of U.S. total petroleum exports (including crude oil) by percentage share of U.S. total petroleum exports in 2021 were:Mexico14%

  • Canada10%

  • China7%

  • India7%

  • South Korea7%



Although EIA cannot identify which companies sell imported gasoline or gasoline refined from imported oil, it does publish data on the companies that import petroleum into the United States. However, the fact that a company imports crude oil does not mean that those imports will be used to produce the gasoline sold to motorists as that company's brand of gasoline. Gasoline from different refineries and import terminals is often combined for shipment by pipeline. Different companies owning service stations in the same area may be purchasing gasoline at the same bulk terminal, which may or may not include imported gasoline or gasoline refined from imported oil.


1 Petroleum is a broadly defined class of liquid hydrocarbon mixtures that include crude oil, lease condensate, unfinished oils, and products produced from refining crude oil and from processing natural gas plant liquids, including hydrocarbon gas liquids. Volumes of finished petroleum products include non-hydrocarbon compounds, such as fuel ethanol, biodiesel, additives, and detergents, that are blended into the products.


As well as being versatile, compared to other vegetable oils the oil palm is a very efficient crop, able to produce high quantities of oil over small areas of land, almost all year round. This makes it an attractive crop for growers and smallholders, who can rely on the steady income that palm oil provides.


It is important that the palm oil industry continues to invest in and grow support for and smallholder programmes and sustainable landscape initiatives. WWF is also working with governments in both palm oil using and palm oil producing countries to make sure that national laws are in place to ensure that any palm oil traded is free of deforestation, conversion and exploitation.


Crude oil trades on the New York Mercantile Exchange as light sweet crude oil futures contracts, as well as other commodities exchanges around the world. Futures contracts are agreements to deliver a quantity of a commodity at a fixed price and date in the future.


Oil options are another way to buy oil. Options contracts give the buyer or seller the option to trade oil on a future date. If you choose to buy futures or options directly in oil, you will need to trade them on a commodities exchange.


Goldman Sachs said in a research note Thursday the recent energy sector pullback should be viewed as a reason to buy since that strategy has worked well since late 2020. Thinking along those lines, we did add to one of our three oil exploration and production (E&P) stocks twice this month. However, we're currently debating whether we need that much exposure to an industry so tied to the economy.


The move, announced on Thursday, is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.


The proposed policy is uncommon. While countries sometimes trade oil for other goods or commodities, such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite.


The Trump administration's plan to top off the Strategic Petroleum Reserve ran into a blockade Wednesday after lawmakers excluded $3 billion in funding for oil purchases from the massive stimulus package before Congress.


Along with the rest of the roughly $2 trillion package, the appropriations section will be added as an amendment to an unrelated bill that passed the House last year. The Senate is expected to vote on the legislation Wednesday.


The Energy Department solicited offers from small and midsize producers to fill the reserve and cushion the fallout from low oil prices after the global market cratered this month, following decisions from Russia and Saudi Arabia to continue production.


Congress has at least four times since 2015 tapped the reserve to pay for legislation, including the 21st Century Cures Act, the 2017 tax overhaul, the 2015 bipartisan budget agreement and the 2015 highway infrastructure bill.


"My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging," Biden said. "You should be using these record-breaking profits to increase production and refining."


Gas prices are averaging $3.85 a gallon in the U.S., dropping off the record high of more than $5 a gallon, set in June. With less than three weeks until the midterm elections, Americans in polls increasingly put the economy and the price of gas at the top of their concerns. 041b061a72


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