< Back to
By checking this box, you consent to share the personal
data disclosed on this page with SAFE so that we may contact you with occasional news and updates on our projects. You are under no obligation to provide your personal data to SAFE herein and
your participation is completely voluntary. You have the right to
withdraw your consent at any time by contacting us at email@example.com. To learn more about our personal data handling practices and your rights,
The recent oil production boom in the United States, while astounding, has created a misleading narrative that the United States is no longer dependent on oil imports. Reports of surging domestic production, calls for relaxation of the crude oil export ban, labels of “Saudi America,” and the recent collapse in oil prices have created a perception that the United States has more oil than it knows what to do with.
This view is misguided. While some forecasts project that the United States could become a self-sufficient oil producer within the next decade, this remains a distant prospect. According to the April 2015 Short Term Energy Outlook, total U.S. crude oil production averaged an estimated 9.3 million barrels per day in March, while total oil demand in the country is over 19 million barrels per day.
This graphic helps illustrate the regional variations in crude oil supply and demand. North America, Europe, and Asia all run significant production deficits, with the Middle East, Africa, Latin America, and Former Soviet Union are global engines of crude oil supply.