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Animation: Oil Imports to the U.S. Have Shifted Dramatically Over 15 Years

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Animation: Oil Imports to the U.S. Have Shifted Dramatically Over 15 Years

Animation: Oil Imports to the U.S. Have Shifted Dramatically Over 15 Years

While green energy is making inroads particularly at the electrical grid, the majority of energy in the United States is still consumed by the industrial and transportation sectors. Today, it’s still true that about 90% of all energy used for transportation comes from petroleum products such as gasoline, diesel, or jet fuel.

This means that oil is the undeniable 800-pound gorilla in the energy mix for now, and that’s why it still accounts for 35% of all energy consumed in the United States.

Throughout the last 50 years, America’s heavy dependence on oil has always created unique political and economic pressures, especially when that oil couldn’t be produced domestically. As we witnessed in the 1970s, untimely oil price shocks can rattle an entire economy, and control over oil production ultimately translated into leverage for foreign organizations like OPEC, and countries such as Venezuela, Iran, or Saudi Arabia.

Shifting Sands

Oil independence is something that almost all U.S. politicians can get behind. It means more domestic job growth, and diminishing influence for foreign oil producers. Propelled by technologies such as fracking and horizontal drilling, the U.S. has been edging towards this goal. Since 2008, U.S. crude oil production has grown from five million to near nine million barrels per day. Now, the U.S. is again the world’s biggest producer.

However, as today’s animated graphic from HowMuch.net shows us, there is another significant change that has occurred recently, and it has more to do with where the remaining foreign oil comes from. In particular, oil imports are shifting from the sands of Saudi Arabia to the oilsands of Canada.

The below image shows how U.S. oil imports coming from Saudi Arabia and the Middle East have dropped drastically over the last 15 years:

U.S. oil imports from Middle East

Compare that to Canada, which now exports a whopping 1.37 billion barrels of oil to the U.S. each year.

U.S. oil imports from Canada

If this trend continues, it could have big implications on foreign policy.

Can the United States continue to wean off its dependence on the Middle East? If so, Saudi Arabia’s role as a necessary “friend” in the region may dissipate over time, completely changing the composition of Middle Eastern geopolitics.

It also raises interesting questions from environmental and economic perspectives about Canadian oil, which mostly comes from the Athabasca Oilsands.

Bitumen is particularly expensive to produce, and the extra heavy oil already sells at a discount in American markets. With oil now hovering close to $40 per barrel, what does the future of Canadian oil look like ten years down the line? Further, will concerns over emissions and pollution stemming from the oilsands have any effect on production capabilities as time goes on?

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Energy

Visualized: A Decade of Clean Energy Investment

In this graphic, Visual Capitalist has partnered with EnergyX to explore the growth of global clean energy investment.

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Teaser image showing a bar graph that hints at global investment in energy by its source.

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The following content is sponsored by EnergyX

Visualized: A Decade of Clean Energy Investment

Global energy investment is growing every year. But recently, investments in clean energy have been significantly outpacing investments in fossil fuels.

For this graphic, we partnered with EnergyX to explore how global energy investment has changed and learn how investments in clean energy are starting to pay off for their investors.

The Rise of Sustainable Energy Investment

Propelled by various climate initiatives such as the Paris Agreement and the widespread adoption of EVs, global investment in sustainable energy surged to over $1.7 trillion in 2023, the highest ever, and the IEA projects that this growth could continue:

Energy Product20202021202220232030F
Clean Electrification$0.97T$1.05$1.21T$1.34T$1.65T
Low-Emission Fuels$0.01T$0.01$0.01T$0.02T$0.05T
Energy Efficiency$0.28T$0.35$0.39T$0.38T$0.49T
Clean Energy Total$1.26T$1.41T$1.61T$1.74T$2.19T
Natural Gas$0.26T$0.27T$0.31T$0.32T$0.35T
Oil$0.42T$0.48T$0.52T$0.55T$0.60T
Coal$0.16T$0.16T$0.18T$0.18T$0.11T
Fossil Fuel Total$0.84T$0.91T$1.01T$1.05T$1.06T
Total Energy Investment$2.10T$2.32T$2.62T$2.79T$3.25T
promotional graphic with a button and wheel that promotes the EnergyX investment site

Between 2020 and 2030, global investment in sustainable energy could increase by 74% to nearly $2.2 trillion, compared to just 26% additional investment in fossil fuels, with a forecast total of $1.06 trillion. This shows that sustainability is the future of energy investment. 

Sustainable Investor Success Stories

While the growing investments in clean energy show that the world embraces sustainability, energy investors will still look for decent returns. Now, in 2024, clean energy investments are beginning to bear fruit. Here are just a few examples:     

  • Between 2019 and 2023, Tesla had a cumulative return of 1,073% 
  • NextEra Energy’s quarterly dividend increased by over 10% as of February 2024
  • Investors in EnergyX have 10x’ed their investments since the company’s first offering in 2021

Lithium plays a critical role in powering electric vehicles (EVs) and facilitating the transition to sustainable energy. EnergyX has patented technology that enhances lithium extraction rates by up to 300%, contributing to meeting the growing demand for lithium and fueling the EVs of the future.

promotional graphic that promotes the EnergyX investment site

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