Then & Now: Structural shifts in oil market trade

In this Then & Now episode of the Oil & Gas Journal ReEnterprised podcast, Laura Bell-Hammer examines how US crude oil imports have evolved from structural dependence in the mid-1990s to today’s model of strategic grade optimization. Using historical and current data, the episode traces how refinery configuration, shale-driven production growth, regional pipeline integration, and shifting geopolitics reshaped US trade flows over three decades. From OPEC’s dominant role in 1995 to Canada’s system-critical position today and the reemergence of Venezuelan barrels under evolving sanctions policy...this episode explores how long-cycle capital investment and policy decisions continue to influence refinery economics and supply strategy.