In November 2005, the two largest exporters of oil to the U.S. were its neighbors. Canada and Mexico combined accounted for about 30% of total U.S. oil imports, up from about 27% five years earlier. During the same period, oil imports from Saudi Arabia and Venezuela decreased from 14% to 10% and from 14% to 9%, respectively. The share of U.S. oil imports from the other top 10 countries has remained relatively constant.
Suggested citation: “Oil Prices,” Federal Reserve Bank of Cleveland, Economic Trends, no. 06-03, pp. 08, 03.15.2006.