Is The US self-sufficient in petroleum?

Answer 1

Yes as well as export ............oil reserves have been found in North & South Dakota, Indiana and recent Montana in 2011 .......most are imported to garner higher market shares prices over the cost that can be obtained here in the U.S.

The U.S. does import a vast amount of oil from the Middle East, Canada, the U.S & Mexico Gulf as well as the Pacific (Indian Ocean as well as China coast) -- the reason why is price negotiations via the minimum amount per barrel at lowest cost to resell at higher grade shares ....

The market for sweet crude fluxes as this happens buying generally goes to the lowest point market before it's negotiated refining process/transportation costs either controlled via contracts or open bid negotiations all before U.S. consumers ever see it as heating fuel or at the pumps. So, in that price at the pump besides cost of foreign oil is other costs (taxes, refinery costs, transportation costs and some process administration as well as infrastructure allocation costs before it hits the gas tank or heating fuel tank).

So, there is many factors that can keep fuel costs up despite a dip in sweet crude prices such as refining, transportation and etc. Even reserving oil or increasing/maintaining reserve stocks for a national infrastructure may increase prices. The primary reason the U.S. draws imports is price/demand and the drive for increasing profits margins among various contributing providers.

Answer 2

As of 2014, the United States is 70 percent self-sufficient in petroleum. It targets to be 100 percent self-sufficient by 2035.