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[CHART] Where Does the U.S. Get Its Oil From?

This is a syndicated repost published with the permission of Money Morning. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Where does the U.S. get its oil from?

Many Americans have no clue. In fact, a new poll from the University of Texas shows that three out of four Americans think the United States imports most of its oil from Iraq and Saudi Arabia.
This chart shows that they couldn’t be more wrong…

oil

From December 2014 to May 2015, Middle Eastern oil comprised less than a quarter of all U.S. oil imports. The surprising truth is that the United States gets most of its oil from countries in North and South America.

Canada dominates the No. 1 spot by a considerable margin. The United States imported 701 million barrels of Canadian oil over that six-month period. That beats OPEC king Saudi Arabia by 283%.

While the United States currently imports an average of 8.04 million barrels per day, that barely scratches the surface of the total U.S. oil market. That’s because U.S. production is at unprecedented levels right now.

According to the U.S. Energy Information Administration’s (EIA) supply report this week, the United States is producing 9.35 million barrels a day. That’s the highest rate of output in nearly 80 years.

In fact, U.S. oil production is so high that only 40% of the oil Americans use is imported. The other 60% is domestically produced.

Keep reading here to find out where the United States ranks among the top 15 oil-producing countries in the world…

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The post [CHART] Where Does the U.S. Get Its Oil From? appeared first on Money Morning. Reposted with permission.

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