U.S. Imports of Petroleum Exceed 50% in One Year

Newsbriefs

For the first time ever,

net imports of petroleum into the United States have exceeded 50% in a single year. According to the Energy Information Administration of the U.S. Department of Energy, net petroleum imports by the U.S. in 1998 averaged 50.6%, up from the previous record of 49.9% in 1997 and significantly higher than the 1977 figure of 46.5%, which stood as the record until 1996. These are

net import figures that account for the relatively small amount of petroleum the U.S. exports. While net imports are at a record level, we still aren’t as dependent on petroleum from the Persian Gulf as in the past: only 20.2% of total imports in 1998, compared with a high of 27.8% in 1977. Our largest sources of imported oil in December 1998 were Venezuela, Canada, Saudi Arabia, and Mexico, accounting for about 60%.