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3

Economics Aug 08, 2020

3. In 2005 the U.S. imported 71% of the petroleum we used. In 2019 a. we imported even more. b. we imported about the same amount. c. we imported a little less, about 50%. d. we imported a lot less, about 30%.

Expert Solution

Now, US is not dependent on imported Petroleum. Starting from 1954 to 2005 the US was dependent on imported petroleum. But after 2005 things have changed a lot and now US is consuming a very small proportion of imported petroleum. The proportion of imported petroleum in US is even less than 10% as per one of the reports of EIA, 2019.

From this we can conclude option d as the correct option.

We imported a lot less, about 30%.

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