Saturday, April 16, 2011

Half of U.S. Liquid Fuels Net Imports in 2010 Came from the Americas

EIA, Today in Energy, Apr 15, 2011

Notes: Imports from Saudi Arabia amounted to about 12%. Other ME excludes imports from North Africa (Algeria and Libya). -- D.R.

Based on data from the Petroleum Supply Monthly [released: Feb 25, 2011 -- D.R.], half of all U.S. net imports (imports minus exports) of liquid fuels [i.e., net imports of crude oil and petroleum products, etc.] in 2010 came from the Americas (North America, Central America, South America, and the Caribbean). Only about one-fifth of U.S. net imports came from the Middle East. For many years, the top source of U.S. liquid fuels net imports has been Canada, followed by Mexico, Saudi Arabia, Venezuela, and Nigeria. With the exception of Canada, the order of these top five sources has varied from year to year.

Net imports have been a key source of supply for U.S. liquid fuels consumption over the years as the chart above indicates. After reaching a trough in the mid-1980s, net imports of liquid fuels generally rose until 2005. More recently, increases in domestic production and declines in consumption [during the recession -- D.R.] both have led to a drop in net imports of liquid fuels. Net imports of liquid fuels represented about half of U.S. liquid fuels consumption in 2010. [Full story but please see interactive graphics -- D.R.]

(U.S. total consumption of petroleum and non-petroleum liquid fuels increased by some 380,000 barrels per day or 2.0% to 19.148 million b/d in 2010, compared to the previous year. U.S. liquid fuel net imports, including both crude oil and refined products, fell from 9.667 million b/d in 2009 to 9.441 million b/d in 2010, comprising 49% of total consumption in 2010, compared with nearly 52% in 2009---please see chart/interactive above. During the same period, U.S. total liquids production grew from 9.212 million b/d to 9.755 million b/d. In retrospect, liquid fuel net imports fell from 60% of total U.S. consumption in 2005 to 49% in 2010---please see chart above. Currently, the United States still relies heavily on imported oil. In 2010, it imported 9.163 million b/d of crude oil and nearly 2.6 million b/d of refined products, according to data from the EIA---please see my post here. U.S. crude oil production last year increased by 151,000 b/d to 5.512 million b/d---please see Aaron and David Rachovich, "U.S. Crude Oil Production/Table," here. In a speech at Georgetown University in Washington, March 30th, President Obama said, "Last year, American oil production reached its highest level since 2003, and for the first time in more than a decade [last time 1997 - 49% -- D.R.], oil we imported [net imports] accounted for less than half the liquid fuel we consumed [i.e., 49%, see above -- D.R.]."---please see OGJ, Mar 30, 2011, here. Separately, for the U.S. crude oil imports alone from Top 15 countries in 2010, please see our post here. -- D.R.)

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