Net U.S. petroleum imports have declined substantially since 2006, driven by increases in domestic oil and gas production from advanced extraction technologies, with the U.S. ultimately becoming a modest net exporter of petroleum. As the U.S. accounts for roughly 20% of annual world oil consumption, policies that limit domestic oil and gas production would not reduce U.S. petroleum consumption but would increase oil imports.
From the EPRINC Chart of the Week archive.