Petroleum imports into the U.S. by country 1985-2023

Canada is the main source country for petroleum imported into the United States. In 2023, the United States imported around 4.4 million barrels of petroleum per day from its northern neighbor. Oil trading with Canada increased more quickly in the 2010s when strides made in unconventional oil extraction allowed for the large-scale mining of oil sands. By comparison, petroleum trading with Venezuela notably declined. The U.S. did not purchase any crude oil or oil products from Venezuela in recent years, while it had bought over one million barrels per day between 1990 and 2005. 

Crude oil reserves

As of 2020, global crude oil reserves were estimated to be around 1.7 trillion barrels. This is the amount of oil that can be extracted in the future under current economic and operating conditions. Most of the proved oil reserves in the world are found in the Middle East, although the share of proved reserves in Central and South America has increased the most since the 1990s.

Uses of petroleum

Petroleum is a versatile raw material that can be refined into transportation fuels or used as a feedstock within the petrochemical industry. Gasoline is the most commonly produced petroleum product. U.S. refinery production of conventional motor gasoline reached 1.4 million barrels per day in 2021. Most refineries in the U.S. are located on the Gulf Coast close to productive oil basins such as the Permian and ports for shipping.