Valero Energy Corporation (VLO): U.S. Oil Imports Are Falling, But Reliance on These Countries Is Rising

Meanwhile, Iraqi imports edged up 3% from 2011 levels, coming in at 0.5 million barrels per day last year, while Venezuelan imports climbed 4% to 0.9 million barrels per day. Meanwhile, imports from Mexico actually fell, dipping below 1 million barrels per day for the first time since 1994, as that country’s crude production continues to slow.

While the rise of oil imports from Canada is not concerning at all — after all, the U.S. and Canada have the largest trade relationship of any two countries in the world — rising Saudi imports may be disconcerting to some since they go against the idea that the U.S. is becoming less reliant on Middle Eastern oil.

If the U.S. wants to lower its reliance on Saudi oil, approving the Keystone XL pipeline could be one of the most effective ways to do so. The TransCanada Corporation (USA) (NYSE:TRP) -operated pipeline would bring up to 830,000 barrels per day of mostly heavy Canadian crude from Alberta’s oil sands to U.S. refiners. However, the project has come under heavy fire by environmentalist groups and climate-change campaigners who argue that it’s a major threat to the environment.

The article U.S. Oil Imports Are Falling, But Reliance on These Countries Is Rising originally appeared on Fool.com and is written by Arjun Sreekumar.

Fool contributor Arjun Sreekumar and The Motley Fool have no position in any of the stocks mentioned.

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