How Much Does the US Spend on Oil Imports?
The United States spends about $700 billion US Dollars (USD) per year on oil imports. This represents about 4% of the country's gross domestic product (GDP), according to 2012 estimates, and is about as much as it spends on accommodation and restaurant services — but much less than the roughly 17% spent on healthcare. The amount spent on oil imports is projected to decline as the use of fuel-efficient vehicles and renewable energy sources increases. In 2012, the Energy Information Administration projected that oil imports were on pace to drop by 50% — to 1987 levels — within two years.
More about US oil usage:
- In 2012, the US used about 19 million barrels of oil per day, 11 million of which were imported — mostly from the Western Hemisphere. Less than 3 million barrels were imported from the Persian Gulf.
- When Hurricane Katrina struck in 2005, it destroyed almost 20% of the United States' oil production.
- The US energy industry is the third-largest industry in the US and reduces the need to import oil.
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More Info: eia.gov
