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 Definitions, Sources and Explanatory Notes

 Category:   Petroleum Prices
 Topic:   Landed Costs of Imported Crude Oil by Area

  Definitions

Key Terms Definition
Crude Oil A mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Depending upon the characteristics of the crude stream, it may also include:
  • Small amounts of hydrocarbons that exist in gaseous phase in natural underground reservoirs but are liquid at atmospheric pressure after being recovered from oil well (casinghead) gas in lease separators and are subsequently commingled with the crude stream without being separately measured. Lease condensate recovered as a liquid from natural gas wells in lease or field separation facilities and later mixed into the crude stream is also included;
  • Small amounts of nonhydrocarbons produced with the oil, such as sulfur and various metals;
  • Drip gases, and liquid hydrocarbons produced from tar sands, oil sands, gilsonite, and oil shale.


    • Liquids produced at natural gas processing plants are excluded. Crude oil is refined to produce a wide array of petroleum products, including heating oils; gasoline, diesel and jet fuels; lubricants; asphalt; ethane, propane, and butane; and many other products used for their energy or chemical content.
    Imported Crude oil produced outside the U.S. and brought into the U.S.
    Landed Cost The dollar per barrel price of crude oil at the port of discharge. Includes charges associated with the purchase, transportation, and insuring of a cargo from the purchase point to the port of discharge. Does not include charges incurred at the discharge port (e.g., import tariffs or fees, wharfage charges, and demurrage).
    OPEC An intergovernmental organization whose stated objective is to coordinate and unify petroleum policies among member countries. It was created at the Baghdad Conference on September 10-14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. The five founding members were later joined by nine other members: Qatar (1961); Indonesia (1962); Libya (1962); United Arab Emirates (1967); Algeria (1969); Nigeria (1971); Ecuador (1973-1992, 2007); Gabon (1975-1994), and Angola (2007).
    Persian Gulf Includes Bahrain, Iran, Iraq, Kuwait, Qatar, Saudi Arabia, and the United Arab Emerates.

    For definitions of related energy terms, refer to the EIA Energy Glossary.

      Sources

  • 1973-1978: Federal Energy Administration, Form FEA-F701-M-0, "Transfer Pricing Report."

  • 1979-September 1982: Energy Information Administration, Form ERA-51, "Transfer Pricing Report."

  • October 1982-June 1984: EIA, Form EP-51, "Monthly Foreign Crude Oil Transaction Report."

  • July 1984-present: EIA, Form EIA-856, "Monthly Foreign Crude Oil Acquisition Report" ( Form/Instructions ,   Background, Survey Methodology and Statistical Details ).
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      Explanatory Notes

  		• Values shown for the current two months are preliminary. Values shown for the previous two months may be revised to account for late submissions and corrections. Final revisions to monthly and annual values are available upon publication of the Petroleum Marketing Annual. Annual averages that precede the release of the Petroleum Marketing Annual are calculated from monthly data published in the Petroleum Marketing Monthly.
  		• Values through 1980 reflect the month of reporting; values since then reflect the month of acquisition, which can be the month of loading, the month of landing, or something between those events. Prices for crude oil can be determined at a time other than the acquisition date (additional details).
  		• For purposes of this survey, the United States includes the 50 States, the District of Columbia, Puerto Rico, the Virgin Islands, and all American territories and possessions.
  		• Data for Ecuador is included in Total OPEC for 1973-1992 and 2008 forward (OPEC member 1973-1992 and November 2007 forward). Data for Gabon is included in Total OPEC for 1974-1995 (OPEC member 1975-1994).