Energy Security.The production of oil in the US reached a peak in 1971, and has been declining ever since, except for a slight uptick in 2009-2012.
The fraction of net US oil imports has been rising, reaching 66.5% in 2007 before falling back to 61% in 2011 after the Great Recession of 2008/2009. [Note that conservation efforts paid off after the 1970’s oil embargo, with imports dropping from 44.5% in 1977 to 27.7% in 1982, but rising inexorably thereafter to the peak of 66.5% in 2007.]
(Source: US Department of Energy’s Energy Information Administration)
In 2011 43.7% of our imported oil came from Canada (23.8%) and Central and South America (19.9% excluding Venezuela) and 39.9% came from OPEC, but only 16.3% of imported oil came from the Persian Gulf. 54% of proved oil reserves are in the volatile Persian Gulf, with OPEC controlling approximately 81% of proved global oil reserves.
(Source: US Department of Energy’s Energy Information Administration June 2012 data)
Distribution of OPEC Oil Proved reserves
Note that OPEC now estimates that Venezuela has larger proven oil reserves than Saudi Arabia: