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Understanding Oil Prices and Why Buying an EV Makes Sense

Hello friends and neighbors,

I am writing to you today to help clarify a very complex issue that appears to be causing a lot of misinformation. This topic is oil prices. Today, I am going to discuss certain elements of this topic and point to some sources that hopefully will help clarify this issue for us all. I will then show how this impacts each of us in various ways.

First, let’s understand where we really are:

  • Based upon data from the US Energy Information Administration, in 2020 (latest information in the graphic, see the US produced more petroleum than it consumed. For the sake of trying to keep this simple, I am focusing on petroleum, not on oil. A barrel of oil can be processed into many products, including petroleum. Here is the data:

  • Consumption – 18.12 million barrels per day

  • Production – 18.40 million barrels per day

  • Imports – 7.86 million barrels per day

  • Exports – 8.51 million barrels per day

  • Here are the top five sources of our imported petroleum in 2020:

  • Canada – 52%