Myth vs. Fact: US Producing Oil will Benefit the Economy than Importing

MYTH: Producing our own American oil would benefit the economy far more than importing Canadian oil sands.

FACT: Approximately half of our oil in the United States comes from domestic sources but we need to import the rest to meet our energy needs.[1]  Canada is the number one supplier of imported oil to the United States, providing us with approx. 22 percent of our supply.[2]  That translated to 2.4 million barrels per day of crude oil and products to the U.S. in 2011, or more than twice as much per day as our second largest supplier of imported oil.  For every U.S. dollar spent on Canadian exports, like oil, up to 90 cents is in fact spent on imports of U.S. goods and services to Canada.[3] This benefits our economy and creates jobs here at home.

[1] Energy Information Administration, Petroleum Supply Monthly, February 2011

[2] EIA, Canada Analysis, April 2011

[3] API, 21 Feb 2012

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