5 Common Misconceptions about the US Economy
5. Oil Imports
Where does the US get most of its oil? Many Americans falsely believe the answer to be the Middle East or Saudi Arabia. In actuality, the majority of the US’s oil (38.8%) is produced domestically, while the majority of oil imports come from Latin America and Canada. Only just over 12% of US oil comes from the Persian Gulf, while nearly 35% comes from our neighbors to the north and south. This reality means a couple things: it means fighting in the Middle East isn’t really tied to US oil supply, and it means that if the US increased production, prices would fall. Turns out our oil supply isn’t affected by Middle East dictators.
