Feds: Crude oil imports from Canada hit all-time high in 2015

Feds: Crude oil imports from Canada hit all-time high in 2015
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Crude oil imports from Canada hit an all-time high in 2015, federal energy analysts announced Tuesday. 

Canada exported 3.2 million barrels of crude oil to the United States per day last year, according to a report from the federal Energy Information Administration (EIA), the most ever from the country. 

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Since overall crude oil imports were down, Canada accounted for 43 percent of total U.S. imports last year, its highest share ever. Canada has been America’s largest crude oil importer since 2004, and it has seen its share against Saudi Arabia (14 percent in 2015), Venezuela (11 percent) and Mexico (9 percent) rise steadily since then. 

American crude oil imports have been falling since 2005, when the U.S. was bringing in more than 10 million barrels of oil a day. In 2015, that figure was at 7.4 million barrels a day, up slightly from 2014 but still well below historic highs. 

EIA gave a couple of reasons for why the U.S. brings in so much crude oil from Canada. For one, U.S. refiners have the equipment necessary to process the crude oil Canada produces. The country also has fewer export outlets for the oil produced in Alberta. 

Canada also attracted the most U.S. crude oil exports last year, at 422,000 barrels per day. However, Congress lifted the 40-year-old ban on broader crude oil exports last December, opening up new markets for American producers in the future.