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The United States Will Not Only Need More Foreign Oil, But From Different Sources
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- In 2007, the United States consumed 20.7 million barrels per day, of which 13.5 million bpd were imported or 58% of what it consumed. Demand is expected to remain flat through 2030
- In 2008, global energy consumption rose by 1.4%. China accounted for three-quarters of that rise. As a result of high rates of economic growth, demand for oil imports by China and India will almost quadruple by 2030. Between 2005 and 2007, China and India accounted for approximately 70% of the increase in energy demand. In 2005, China had a population of 1.3 billion, but only 4.5 million cars
- In 2007, the U.S. imported from Mexico 1.532 million bpd or 11.4% import market share, making it our second largest import source. Mexico's largest oil field, Cantarell, peaked in 2004, and production fell by 38% in 2008, marking the fifth successive year of decline in production. The Cantarell oil field comprises 60% of Mexican production
- In 2007, the U.S. imported from Venezuela 1.361 million bpd or 10.1% import market share, making it our fourth largest import source. Russia is investing $20 billion, China $16 billion, Iran $4 billion, and India $400 million in Venezuela's oil fields over the next three years – it is therefore only a matter of time, before Venezuela begins to divert large amounts of oil previously bound for the US to China and India
- In 2007, Russia exported to the United States 414,000 bpd or 3% import market share. Meaning, Russia as an import source can only go up over time
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