CURRENT AFFAIRS

Detailed explanation-1: -The first U.S. oil refinery comes online in 1861, and the United States exports its first shipment of refined oil to London. Over the next century and a half, oil supplants coal as the country’s preeminent fuel source and contributes to its emergence as a major economic power.

Detailed explanation-2: -Around 1948, demand of oil exceeded the supply of oil, allowing the U.S. to start importing oil. Therefore, the nation quickly became a major importer of oil, rather than being the major exporter for it.

Detailed explanation-3: -U.S. imports of crude oil averaged 6.1 million barrels per day in 2021 and accounted for about 40% of crude processed by U.S. refineries. 61% of imports were from Canada; 10% from Mexico; 6% from Saudi Arabia; and 3% from Russia.

Detailed explanation-4: -The top five source countries of U.S. gross petroleum imports in 2021 were Canada, Mexico, Russia, Saudi Arabia, and Colombia. Note: Ranking in the table is based on gross imports by country of origin. Net import volumes in the table may not equal gross imports minus exports because of independent rounding of data.