U.S. Energy Imports Hit Four-Decade Low in 2024 Amid Surging Domestic Production and Strategic Supply Shifts
Key Insights
The U.S. imported only 17% of its domestic energy supply in 2024, marking the lowest share in nearly 40 years, driven by increased domestic production.
The nation remained a net energy exporter for the third consecutive year, with record production across natural gas, crude oil, and renewable sources like solar and wind.
Crude oil and refined petroleum products constituted 84% of U.S. energy imports in 2024, though overall imports have significantly declined since 2006.
Canada has emerged as the primary source of U.S. crude oil and petroleum imports, surpassing OPEC countries since 2014, bolstered by pipeline expansions.
The United States achieved its lowest reliance on imported energy in nearly four decades in 2024, with imports accounting for just 17% of its domestic supply. This significant milestone, a stark contrast to the 2006 record share, is primarily attributed to a substantial increase in domestic energy production coupled with a decrease in overall energy imports, according to the U.S. Energy Information Administration (EIA)'s Monthly Energy Review.
For the third consecutive year, the U.S. solidified its position as a net energy exporter in 2024, driven by record-setting domestic production across various energy sources. Notably, U.S. natural gas, crude oil, natural gas plant liquids (NGPLs), biofuels, solar, and wind all reached unprecedented production levels during the year. The EIA standardizes diverse energy measurements into British thermal units (BTUs) to facilitate comprehensive comparisons across different fuel types.
Total U.S. energy imports in 2024 stood at approximately 22 quadrillion BTUs, maintaining relative stability since 2021. Crude oil and refined petroleum products collectively constituted the vast majority of these imports, accounting for 84%, with natural gas making up most of the remaining 15%. This composition highlights the continued, albeit reduced, dependence on liquid fuels from international markets.
Between 2006 and 2024, U.S. imports of crude oil and petroleum products experienced a substantial 39% decline, falling from approximately 14 million barrels per day (b/d) to 8 million b/d. This decrease was predominantly observed in the Gulf Coast and East Coast regions, which are significant hubs for domestic production and consumption. Conversely, the Midwest, Mountain, and West Coast regions saw an increase in crude oil and petroleum product imports during the same period, reflecting regional supply chain dynamics.
A notable shift in import sourcing has occurred since 2006. Imports from OPEC countries, historically major suppliers, plummeted by 77%. In contrast, imports from Canada nearly doubled, surpassing OPEC volumes for the first time in 2014 and maintaining this lead annually thereafter. The recent expansion of Canada’s Trans Mountain pipeline further bolstered this trend, leading to record highs in U.S. crude oil imports from Canada in 2024. Canadian crude now supplies nearly all the crude oil utilized by refineries in the U.S. Midwest and Mountain regions. This strategic diversification of import sources underscores a deliberate pivot towards North American energy integration and security.