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United States presidents since Richard Nixon have sought the development and implementation of a comprehensive energy policy without success. As a consequence, the country became heavily dependent upon foreign oil imports in the early 1970s. The United States' dependence on oil has long influenced its foreign policy. This timeline traces the story of U.S. oil development, and the resulting geopolitical competition and environmental How much oil consumed by the United States comes from foreign countries? In 2019, U.S. net imports (imports minus exports) of petroleum from foreign countries averaged about 0.53 million barrels per day, equal to about 2.7% of average daily U.S. petroleum consumption. This was the lowest percentage since 1949, the first year for which the U.S. Energy Information Administration has historical data.

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In fact, the recurrence of panics, recessions, depressions, and economic troubles is by no means a foreign concept in US history. And with the count currently at 47 recessions to 44 presidents, the economic roller coaster is not likely to stop anytime soon; it is always on the verge of another gut-wrenching drop.