China is the world’s largest importer of crude oil

Explore a timeline of US dependence on crude oil from 1850 to 2023

Oil dependence began with the rise of oil as a commodity, followed by an era of geopolitical competition for the resource after World War II. The domestic fracking boom, which started around 2006, was driven by a desire to reduce the nation's dependence on international adversaries for energy.

As of 2022, the US accounted for nearly one-fifth of global oil production

By 2022, the US had cemented its position as the world’s top oil producer with close to 18 million barrels per day. This eclipsed Saudi Arabia and Russia.

As of 2024, China is the largest overall contributor to global greenhouse gas emissions

Due to its large population, the nation's per capita emissions continue to lag behind those of the US, Canada, Russia, Australia, and Saudi Arabia. The Arab country has experienced the most significant increase in per capita greenhouse gas emissions since 1990, now leading the world at 22.8 metric tons of carbon dioxide equivalent per capita.

The world derives more of its energy from oil than from any other resource

Coal and gas are second and third, respectively, in terms of where the bulk of the world’s energy consumption stems from. These interactive charts can help you visualize where the world sources the most of its energy.

The US exported more crude oil and petroleum products than it imported in 2025

In fact, the US has been exporting more oil and petroleum products than it imports since August 2021. Petroleum and petroleum product exports totaled about 10.7 million barrels per day, whereas imports totaled about 7.9 million barrels per day.

As of 2025, China used the most electricity of any country, accounting for 33% of the total global demand and more than twice that of the US.

Understanding why the US can't use its own crude oil and depends on global markets

Before advancements in fracking technology made lighter shale oil readily available, US refineries had been built and optimized for decades to process heavier oil from other countries with high profitability. Despite being able to refine lighter oil, US oil companies can operate with better margins by exporting it to other nations whose refineries are optimized for it and importing heavier oil, for which the US has the infrastructure.

About 10% of the world's crude oil and 32% of its natural gas is reached via fracking

Most of the world's shale oil resources—which are recoverable via fracking—are found in Russia, the US, China, Argentina, and Libya. The majority of equivalent shale gas resources are found in China, Argentina, Algeria, the US, Canada, and Mexico.

In 2019, the US became a net energy exporter thanks to the fracking boom

The US began exporting more energy than it consumed that year, making it a net energy exporter. Energy imports have decreased every year since 2007, as improved technology has increased the number of accessible domestic oil and natural gas reserves.

The value of fracking is dependent on international energy markets

Russia's war in Ukraine spurred calls in the US to increase fracking, which has historically reduced dependence on foreign nations and increased national security. However, some experts argue that renewable energy provides even better energy independence, as fracking investments may not be worthwhile if importing fossil fuels is significantly cheaper.

Fracking has led to an increased global oil supply, contributing to lower oil prices

Fracking technology has significantly increased how much crude oil the US produces. As more countries adopt fracking technology, there could be an increased downward pressure on prices—although fracking has been widely criticized for its negative environmental impacts.

The US shipped nearly 4 billion barrels of oil abroad in 2024

More than half of the US’s oil is exported as the country produces mainly light, sweet crude but has many refineries that handle heavy, sour types.

China operates multiple different sovereign wealth funds, primarily backed by profits from a trade surplus

Unlike other countries that primarily use profits from natural resources, China's sovereign wealth funds are fueled by the country's mounting trade surplus. Among the two largest are the State Administration of Foreign Exchange (SAFE) fund and the Chinese Investment Corporation (CIC). China also operates the Silk Road Fund, a strategic investment initiative that backs infrastructure creation in developing countries.

See where the 100 million barrels of crude oil the world consumes daily end up.

The recorded history of crude oil use dates back about 5,000 years, with the Babylonians using it to waterproof their boats and as mortar in the construction of structures.

See a timeline that shows how volatile oil prices have been for decades, from OPEC-led embargoes in the 1970s and shale surges in the 2000s to the US flipping to become a net oil exporter in 2020.

China doubled its nuclear stockpile between 2020 and 2025, with plans for further expansion.

China's National Sword policy banned imports of most recyclable materials

In 2018, China stopped accepting most of the world's recyclables. This highlighted how dependent the US recycling system was on a single foreign buyer and forced cities to landfill materials they had once diverted.

View a breakdown of worldwide oil production since 1900, mostly led by the US

When analyzing the production of crude oil, shale oil, oil sands, and condensates since the start of the 20th century, Saudi Arabia produced more crude oil only in 1977, from 1979 to 1981, and from 1991 to 2016. Nations such as Iraq and the United Arab Emirates produced much smaller quantities than both Saudi Arabia and the US.

How cigarettes took over China

In 2022, China had a fifth of the world's population and bought nearly half of the world's cigarettes. This investigation explores how China became plagued by tobacco consumption, something epidemiologists say will strain the country's health system...

BYD Auto is the largest EV maker in China, overtaking Tesla

As of 2023, the company has 40% of the electric vehicle market in China and produces more than 3 million EVs for customers worldwide. Its vertical integration, which includes building its own batteries and cargo ships, has allowed BYD to lower retail costs.

Trace the rise of oil: from early drilling to today’s global power

This animated map video vividly illustrates how petroleum shaped global politics and industry—from 18th-century uses and 19th-century drilling booms in North America to today’s OPEC strategies, shale revolution, and geopolitical oil influence.

As of 2024, the nation with the largest proven oil reserves is Venezuela

According to estimates derived from available geological and engineering data, the South American country possesses about 303 billion barrels of underground crude oil, followed by Saudi Arabia (267.2 billion) and Iran (208.6 billion). Many of the largest reserves are held by members of the Organization of the Petroleum Exporting Countries.

See every US state's top import partner as of 2024, with Mexico, Canada, and China being the top trade partners for 42 states.

Why everyone is racing to get rare earth minerals

Rare earth minerals are crucial for high-tech electronics and transitioning to new energy sources. China currently dominates rare earth processing capacity, but the US is seeking to increase its mineral production by using its geopolitical influence to strike international mineral agreements with nations like Ukraine.

Explore which sectors produce the most greenhouse gas emissions by country

As of 2023, the energy sector, including electricity and heating, accounts for the largest share of greenhouse gas emissions. The 10 largest greenhouse gas-emitting nations account for two-thirds of global emissions, with the world's top three—China, the US, and India—contributing 15 times more than the bottom 100.

China's tree belt around the Taklamakan Desert has become a carbon sink

Decades of planting trees along the Taklamakan Desert in northwest China (the world's largest shifting-sand desert) have increased vegetation enough to create a measurable carbon sink, absorbing more carbon dioxide than the area emits. The effort demonstrates a key large-scale climate mitigation strategy, though it has raised concerns over water use and long-term sustainability.

The global economy runs on US dollars, with nearly 90% of international trade in 2019 being processed in US dollars.

Ranking the world’s economies: 1980 vs. 2025

The US remains the world’s largest economy, having increased its annual gross domestic product from $2.9T in 1980 to $30.6T in 2025. In 1980, China ranked seventh globally with a GDP of $304B. In 2025, China ranked second with a GDP of $19.4T.

Lessons from the 1973 energy crisis still echo in today’s geopolitical battles over oil

The video from the Economist highlights how energy supply disruptions can be weaponized—just as in 1973, today’s gas cutoffs (Russia throttling supplies to Europe after their invasion of Ukraine) reveal the ongoing importance of strategic energy resilience.

A report found that the 2026 Iran war is the largest oil supply disruption in history.

Trade between the US and China has significantly increased in recent decades.

View a photo essay of renewable power landscapes in China

Using a drone, Chinese photographer Weimin Chu captured the deployment of solar and wind power installations across the country, which accounted for half of all global installations in 2025. The images show modern infrastructure juxtaposed with natural landscapes and was featured in an award-winning exhibition presented by Greenpeace in 2025.

Unless prices of fossil fuels rise significantly, their production is expected to slow

US oil and natural gas production skyrocketed from 2000 to 2020, largely due to advances in fracking. However, weak global energy prices have prevented this boom from translating into increased profits for fossil fuel companies.

As of 2022, China has the largest reserve of rare earth elements

At 37.9% of estimated global reserves, China possesses twice the amount of REEs as Vietnam, the next closest nation. REEs, or lanthanides, are a set of 17 elements on the periodic table, which, alongside scandium and yttrium, share similar chemical properties that make them difficult to separate from within ores.

In 2016 OPEC and 10 major producers—including Russia—launched OPEC+

OPEC+ emerged in 2016 when 10 additional producers, including Russia, joined to stabilize markets amid U.S. shale growth. In 2022, OPEC alone supplied 38 % of global crude oil, but combined with OPEC+, output reached nearly 59 % of world production—significantly amplifying its market power.

Why have gas prices surged nearly 27% since the Iran war began?

Oil passing through the Strait of Hormuz makes up only about 7% of US crude imports. However, crude oil prices account for 51% of the cost of a gallon of gas in the US. US refiners pay the Brent crude futures price, even for domestic drilling.

Japan attacked Pearl Harbor largely because it was running out of oil

This video traces how US-led sanctions and Japan’s near-total dependence on imported oil pushed Japanese leaders toward a high-risk plan: seize Southeast Asian oil fields and neutralize the American Pacific Fleet, hoping Washington would negotiate rather than fight.

China had an inflation rate of -0.4% in August 2025

As opposed to other G20 countries that are largely struggling with high inflation rates, China is facing deflation. Sluggish growth in the country's once booming real estate market is just one glimpse into the consumer slowdown triggering deflation.

The world is shifting from unipolarity toward a multipolar order

The post-Cold War world was briefly unipolar after 1991, with the US standing alone as a global superpower following decades of US-Soviet bipolarity. Analysts increasingly describe today's order as multipolar, with China, Russia, the US, and regional powers all competing for influence.

Oil's legacy: fueling industrial growth and shaping imperial strategies

This episode of The Rest Is History podcast traces oil's pivotal role—from fueling industrial growth to steering imperial power. It also examines how access to oil shaped US politics, World War II, and sparked the creation of OPEC following the Suez Crisis.

As of 2022, Canada has the most planned critical mineral mines

Wealthy nations are tapping into their domestic critical mineral reserves and buying up mines in poorer countries. The US, the UK, Canada, Australia, and China are taking the lead, with Chinese operations spanning all continents except Antarctica.

Visual Capitalist shows the top 50 countries by central bank reserves

As of 2024, China, Japan, and the United States held the top three spots in terms of the value of their respective central bank reserves.

Beyond critical minerals, copper is emerging as a bottleneck to clean energy

Copper remains invaluable for the transmission of electricity needed in energy infrastructure projects, with 90% of the average circuit board made of the element. However, limited smelting capacity and low ore quality amid increasing demands are stressing global supplies.

Hear Steve Ballmer explain how US gas prices are affected by the global price of oil.

China joined the WTO in 2001

After 15 years of negotiation, China joined the WTO as the 143rd member. This move gave it access to the global market in exchange for commitments to economic liberalization, despite skepticism from existing members about integrating a state-controlled economy into a free-market system.

Oil markets are seeing higher costs and lower prices amid tech breakthroughs

Experts say oil demand has not yet reached its peak. Recent technological breakthroughs in the oil industry include advances in drilling and extraction, as well as subsurface technologies.

The roughly 11 countries in BRICS, an economic coalition created to counter the G7, collectively hold about 40% of global gross domestic product when adjusted for purchasing power parity.

As of January 2025, Tesla is the second best-selling EV company in the world

Chinese automaker BYD saw nearly three times as many registrations of electric vehicles as Tesla through the sales of its plug-in hybrid and battery electric vehicles. Fellow Chinese competitor Geely sold 12.7% of all BEVs worldwide, surpassing Tesla's 12.4% share during the same period.

China is now viewed more favorably than the US in a majority of 36 countries surveyed this year.