The dataset “Crude Oil Imports (Top 15 Countries) depict the top 15 countries from which the United States imports its crude oil and petroleum. This data set shows the number of barrels per day that these 15 countries export to the United States. The data set provides information from Year-to-Date 2012 to August 2013. This dataset is crucial for the determining of which are the most important clients for the United States in terms of Oil importation. This is a vital depiction of the balance of trade positions that the United States holds with these countries. This information will be crucial in highlighting how the United States has decreased its importation of both crude oil and petroleum based on the purchasing price set by the given countries and the compatibility of their political ideologies.
The United States is the world’s largest importer of crude oil and petroleum. Petroleum and crude oils are vital resources for the economy of the United States. However, between august 2012 to august 2013, the United States has increasing or decreasing the number of barrels per day it imports from a country based on pricing. However, other external factors play a role in deterring this, such as politics, price is the essential benchmark for marketability. Through analysis of the data set, one can be able to notice this trend with the majority of the countries from which the United States imports crude oil and petroleum from.
Between 2012 and 2013, the U.S. reduced the amount of crude oil it imported from all countries except Canada, Saudi Arabia, and Kuwait. This is owing to the fact the oil crude oil price dictate which country the United States will import crude oil from (Tordo, Tracy and Arfaa). Canada is the closest oil producing country to the United States. As such, this provides for a relatively low cost of transportation to the commodity. This makes importing from Canada cost effective. This is one of the main reasons Canada is the largest exporter of crude oil to the United States. The number of barrels per day of crude oil imports from Canada increased by 5.75%, making this the largest increase in the crude oil imports by the number of barrels per day.
Saudi Arabia remains the most competitive exporter of crude oil globally. This is owing to its vast oil resources. The relation between the United States and Kuwait have significantly improved in the past year. This has seen increase in crude oil trade by 26.58%. All the other countries have seen oil export to the United States drop as a result of the fluctuating global fuel prices, making their oil expensive.
The United States has also decreased the importation of petroleum from other countries while increasing petroleum imports from others. This has been catalyzed by the pricing of the cost per barrel of petroleum in the respective countries (Nerurkar). While crude oil is much cheaper, the cost of petroleum has been seen to increase in most countries and as such that has caused the drop in exportation to the United States. A good example is Venezuela, where due to the economic crisis that saw the price of crude oil increase, of the OPEC nations, Kuwait was the most affected. In August 2012, the United States imported 1,048,000 barrels of petroleum per day from Venezuela. As of August 2013, only 678,000 barrels per day were being exported to the United States.
In conclusion, the price of crude oil and petroleum affects their marketability. The United States’ reason for increasing or decreasing the number of barrels per day it imports from a country, is based on pricing. While other external factors play a role in deterring this, such as politics, price is the essential benchmark for marketability. While countries like Mexico are much closer to the United States, the price of their petroleum makes them less marketable as compared to Saudi Arabia. This trend is crucial in determining the plausible sources of crude oil and petroleum in the near future. It is essential that these trends are monitored so as to ensure that political ties are in sync with trade. With improved trade, there is improved political relations across the board.
Energy Information Administration. “Petroleum & Other Liquids.” 30 October 2013. Energy Information Administration. Internet Source. 21 November 2013.
Nerurkar, Neelesh. U.S. Oil Imports: Context and Considerations. Washington: Congressional Research Service, Library of Congress, 2011. Print.
Tordo, Silvana, Brandon S Tracy and Noora Arfaa. National Oil Companies and Value Creation. Washington: World Bank, 2011. Print.