Connect with us

Hi, what are you looking for?

CleanTechnica
US crude imports by export nation, 2013 (EIA)
US crude imports by export nation, 2013 (EIA)

Fossil Fuels

2013 EIA Stats Show Oil Price Stability Based On News, Not Supply

US crude imports by export nation, 2013 (no oil prices) (EIA)Let’s start this analysis with the 2013 figures for the United States (right). In general, the oil export/import status looks better for the US than it has in a long time. Although the US is a major oil producer, it has been an even heavier oil consumer, importing millions of barrels per day of oil from more than 40 countries.

Last year, the US imported 7.7 million bpd of crude oil, according to the Energy Information Administration. This represents an improvement, about 23% less than in 2008, reflecting the early direction of President Obama’s policies and the success of an increased focus on natural gas by oil and gas companies.

For the American economy, even better news arrived in 2013 about petroleum and petroleum product. The US exported 3.6 million bpd of finished products like diesel, gasoline, and jet fuel. Compared to 2.1 million bpd of product imports, this amount gives the US a 1.5 million bpd net balance.

Another way to look at this, though, is that the US is contributing that much more from sales to the greenhouse gases that propel climate change.

As you can see, Canada remains the biggest supplier of crude to the US. Purchases from the North made up a third of US crude oil imports (2.6 million bpd). This amount represents a 66% increase in imports from Canada over the past 10 years, according to Robert Rapier of energytrendsinsider.com.

Of the 7.7 million bpd of total crude oil imports, 45% (3.5 million bpd) came from OPEC countries last year, with Saudi Arabia the largest OPEC supplier at 17% of the US total. A little over half of US imports come from these two nations.

EIA’s latest monthly Market Prices and Uncertainty Report, which supplements the Short-Term Energy Outlook, attributes the slight crude oil price increase from mid-June largely to tensions in Iraq, the sixth-largest of the top ten producers for the US. Rapier gives a brief explanation of why events in Iraq affect US oil prices, and those of every other nation:

“Over the past eight years, while Iraqi oil production was increasing by 1.3 million bpd, global oil consumption has increased by 6.9 million bpd. The increases in production in Iraq, along with the even greater production gains in the US, have struggled to keep up with rising demand. This has meant little spare capacity in the system, and with a globally traded commodity like crude oil, potential disruptions in supply make traders nervous and they bid prices higher.”

Even if we imported no oil from Iraq, he adds, with supply and demand in such tight balance, “oil that might be removed from the global supply tends to have a disproportionate impact on the price.” Canada’s record-high gasoline prices reflect this dichotomy.

 
Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
 

Written By

covers environmental, health, renewable and conventional energy, and climate change news. She's currently on the climate beat for Important Media, having attended last year's COP20 in Lima Peru. Sandy has also worked for groundbreaking environmental consultants and a Fortune 100 health care firm. She writes for several weblogs and attributes her modest success to an "indelible habit of poking around to satisfy my own curiosity."

Comments

You May Also Like

Clean Power

The natural experiment of renewables vs nuclear continues in China, and it continues to unfold in renewables' favor. 

Clean Power

The term "just transition" emerged from the 1970s North American labor movement to become a campaign for a planned energy transition. It includes justice...

Cars

Honda (and GM) to fuel cell electric car fans: never give up, never surrender.

Clean Power

Spain will receive almost €869 million from the Just Transition Fund to kickstart its energy transformation in equitable ways.

Copyright © 2023 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.