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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.
Allison Boelcke
By Allison Boelcke
Allison Boelcke, a digital marketing manager and freelance writer, helps businesses create compelling content to connect with their target markets and drive results. With a degree in English, she combines her writing skills with marketing expertise to craft engaging content that gets noticed and leads to website traffic and conversions. Her ability to understand and connect with target audiences makes her a valuable asset to any content creation team.
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Allison Boelcke
Allison Boelcke
Allison Boelcke, a digital marketing manager and freelance writer, helps businesses create compelling content to connect with their target markets and drive results. With a degree in English, she combines her writing skills with marketing expertise to craft engaging content that gets noticed and leads to website traffic and conversions. Her ability to understand and connect with target audiences makes her a valuable asset to any content creation team.
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