BTW, anyone know why some news outlets are putting Russian oil imports, as a percentage of total US consumption, at 3% (Forbes, et al) and some at 8% (WSJ, et al)?
I sense there are two different metrics being used here.
A shock I imagine, but I was actually not being rhetorical. Kind of baffling. And somebody even posted a 1% figure.
"The US imported about 672,000 barrels per day of crude oil and petroleum products from Russia in 2021, according to data from the Energy Dept." (per NYP)
Let's take that number at face value. We can figure out the percentage from there.
But part of the problem is what the percent is of.
From WSJ:
"About 8% of U.S. imports of oil and refined products, or about 672,000 barrels a day, came from Russia last year, said Andy Lipow, president of Lipow Oil Associates LLC in Houston, citing figures from the Energy Information Administration. Of that, Russia's crude made up roughly 3% of the nation's imports, about 200,000 barrels a day. "
It's no wonder we're confused.