US Oil Imports Hit 13 Year Lows

Oil imports are trending down and stand approximately 7.5 million barrels per day, which is the lowest level since the year 2000. This number hit its highest on a 4-week average basis of around 10.5 million barrels being imported back in 2006.

This is a reduction of 3 million barrels per day, and when you start adding these reductions up, one can see the magnitude of oil that is no longer coming to the United States. Take 3 million barrels times 7 days in a week, and we get a reduction of 21 million barrels of oil for a week.

I broke the numbers down this way so that readers could wrap their minds around the numbers, and how they were derived. The numbers will fluctuate on a monthly basis due to how many days are in a month.

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— EconMatters

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