My comment, "Russia has cut back their oil sales by 500,000 barrels. The question is, so what? Given the majority of our oil is being imported today this will have an impact on prices that will surge. When prices go up our disposable income decreases.
At the end of 2021 the U.S.gross petroleum imorts reached 61% of our consumption. With the advent of Biden's 2021 pause on new oil and gas leases the 2022 numbers will probably higher. It remains to be seen as Biden's war on American oil continues.
The top five sources of U.S. total petroleum (including crude oil) imports by percentage share of total petroleum imports in 2021 were:
Canada 51%
Mexico 8%
Russia 8%
Saudi Arabia 5%
Colombia 2%
[Report Date: Nov 2, 2022]
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