The United States imports oil despite being one of the world's largest oil producers (approximately 13 million barrels per day) because crude oil comes in different types with varying qualities, and American refineries require specific types of crude oil that may not be available domestically, leading to simultaneous domestic production, imports, and exports.
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Truth about U.S. oil imports is more shocking than you think. System controls the global economyAdded:
Why America imports oil while producing more than almost any country on Earth.
Every single day, the United States produces enormous amounts of oil. In fact, America has become one of the largest oil producers in modern history.
Recently, US crude oil production has reached roughly 13 million barrels per day. Yet, at the exact same time, massive tankers carrying foreign crude arrive daily. Oil still flows into the United States from Canada, Mexico, Saudi Arabia, and Iraq. And even more surprisingly, America also exports millions of barrels of its own oil.
>> [music] >> So, why sell your own oil while simultaneously buying from other nations? The answer reveals a hidden reality. In global markets, not all oil is the same.
>> [music] >> Crude oil actually exists in many different forms, from light and thin to heavy and thick.
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