U.S. crude oil imports hit record high last year

Our country's oil imports from the U.S. have reached an all-time high.

The Ministry of Trade, Industry and Energy and the Korea International Trade Association had 21.51 million tons of U.S. crude oil, the second largest among the country's 137 million tons imported last year, after Saudi Arabia's 47.89 million tons.

The share of imported crude oil from the United States also reached 15.7%, the largest ever.

In 2016, just before the inauguration of the first Trump administration, U.S. crude oil imports accounted for only 0.2%.

The amount and proportion of natural gas introduced from the United States in Korea are also increasing.

Last year, the U.S. was the fourth largest natural gas import after Australia, Qatar and Malaysia.

Trump has vowed to realize "half-price energy" by inducing shale gas production to increase by easing environmental regulations.

The government's view is that such a political situation could serve as a favorable environment for Korea, where the need to manage the trade balance with the U.S. has grown.

It emphasizes that Korea is increasing energy imports, a key U.S. export, and the logic is that it can ease trade pressure from the U.S. by inducing additional purchases of U.S. energy, which will lower prices to the public and private sectors.