The United States has a predominant inuence on the oil market
for several reasons. First, it is the biggest oil consumer in the world.
According to the BP Statistical Review of World Energy 2022, in
2021, its petroleum consumption reached an average of 18.684
million bpd.
Secondly, it’s also one of the leading oil importers with up to 8.478
million barrels imported a day, making it a major inuencing factor
in global supply and demand. Thirdly, as a superpower, the United
States wields considerable inuence in energy geopolitics2. Lastly,
the United States has very sophisticated oil shale technologies that
briey made the country import-oil-independent in 2019 (though
shale oil production has declined since then due to COVID-19).
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