Question

Summarize the US energy policy with a specification of Import

Answer 1

The Energy Policy Act (EPA) addresses energy production in the United States, including: (1) energy efficiency; (2) renewable energy; (3) oil and gas; (4) coal; (5) Tribal energy; (6) nuclear matters and security; (7) vehicles and motor fuels, including ethanol; (8) hydrogen; (9) electricity; (10) energy tax incentives .Energy policy in the United States involves federal, state, and local governmental actions related to the production, distribution, and consumption of different sources of energy, including fossil fuels such as coal, oil, and natural gas, as well as renewable energy sources such as solar, wind, nuclear energy.The aim of the policies generally involves reducing the cost of renewable energy production for consumers, reducing regulatory compliance costs, reducing investment risks involving renewable energy, and/or increasing the adoption of renewable energy sources by individuals and businesses.

The United States imported about 9.10 MMb/d of petroleum in 2019 from about 90 countries, which included 6.8 MMb/d of crude oil and 2.3 MMb/d of noncrude petroleum liquids and refined petroleum products. This was the lowest level of total petroleum imports since 1996.As U.S. crude oil production rises, our imports of OPEC oil have decreased. OPEC's concern is losing market share to non-member oil-exporting countries. OPEC members, predominantly Saudi Arabia, Kuwait and the United Arab Emirates, are keeping production levels high in order to squash out U.S. market share.Because of the global connectedness of oil markets, the U.S. still imported about 9.94 million barrels of petroleum in 2018 from 90 different countries. That's not a bad thing. Americans benefit through lower prices and increased economic activity from a more efficient global oil market.America is one of the world's largest oil producers, and close to 40 percent of U.S. oil needs are met at home. Most of the imports currently come from five countries: Canada, Saudi Arabia, Mexico, Venezuela and Nigeria.