You are here

The trade balance (exports minus imports) for petroleum has been negative for more than a quarter of a century, meaning that the U.S. imports more petroleum than it exports. The largest petroleum trade deficit was in 2008, when the U.S. imported $449.8 billion and exported only $61.6 billion.

Petroleum Trade Balance, 1970-2010
Graph showing the petroleum trade balance from 1970 to 2010. The largest trade deficit (exports minue imports) occurred in 2008. For more detailed information, see supporting information below.

Note: Trade balance = exports minus imports. Includes crude oil, petroleum preparations, liquefied propane and butane, and other mineral fuels.

Supporting Information

Petroleum Exports, Imports, and Trade Balance, 1970-2010
Year
Route
Petroleum Exports Petroleum Imports Petroleum Balance
(Billion Dollars)
1974 0.792 24.668 -23.876
1975 0.907 25.197 -24.289
1976 0.998 32.226 -31.228
1977 1.276 42.368 -41.093
1978 1.561 39.526 -37.965
1979 1.914 56.715 -54.801
1980 2.833 78.637 -75.803
1981 3.696 76.659 -72.963
1982 5.947 60.458 -54.511
1983 4.557 53.217 -48.659
1984 4.470 56.924 -52.454
1985 4.707 50.475 -45.768
1986 3.640 35.142 -31.503
1987 3.922 42.285 -38.363
1988 3.693 38.787 -35.094
1989 5.021 49.704 -44.683
1990 6.901 61.583 -54.682
1991 6.954 51.350 -44.396
1992 6.412 51.217 -44.805
1993 6.215 51.046 -44.831
1994 5.659 50.835 -45.176
1995 6.321 54.368 -48.047
1996 7.984 72.022 -64.038
1997 8.592 71.152 -62.560
1998 6.574 50.264 -43.690
1999 7.118 67.173 -60.055
2000 10.192 119.251 -109.059
2001 8.868 102.747 -93.879
2002 8.569 102.663 -94.094
2003 10.209 132.433 -122.224
2004 13.130 179.266 -166.136
2005 19.155 250.068 -230.913
2006 28.171 299.714 -271.543
2007 33.293 327.620 -294.327
2008 61.695 449.847 -388.152
2009 44.509 251.833 -207.324
2010 64.540 333.354 -268.814

Source: U.S. Department of Energy, Energy Information Administration, Monthly Energy Review, Table 1.5.

Return to 2011 Facts of the Week