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Unformatted text preview: in energy policy, Council on Foreign Relations, April 4, 2012 [Neelesh, “CRS: US Oil
Imports and Exports,” http://www.cfr.org/us-strategy-and-politics/crs-us-oil-imports-exports/p27891, ] SM
Oil is a critical resource for the U.S. economy. It meets nearly 40% of total U.S. energy needs, including 94% of the energy
used in transportation and 40% of the energy used by the industrial sector.1 Unlike other forms of energy such as coal and natural gas,
which are largely supplied from domestic sources, net imports from foreign sources meet 45% of U.S. oil consumption, and
thus the basis of many of the nation's energy security concerns.The United States has been concerned about dependence on foreign
oil since it became a net oil importer in the late 1940s. Those concerns grew with import levels, especially in periods of high or rising oil
prices. Nonetheless, imports have generally increased over the last six decades, except for a period following the oil spikes of the
1970s and again in the last six years. Net oil import volumes and share of consumption peaked in 2005 and then declined through
2011 as a result of e...
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