Key data to understand U.S.–Canada energy trade in 2024

Energy trade between the United States and Canada continues to be a cornerstone of North America’s energy landscape, totaling $151 billion in 2024, according to EIA.

While this figure is slightly below the $154 billion recorded in 2023, the trade relationship remains robust, shaped by infrastructure, market needs, and evolving policy.

A trade relationship dominated by Canadian exports

Canada’s energy exports to the United States far outweigh U.S. energy exports to its northern neighbor. In 2024, the U.S. imported $124 billion worth of Canadian energy, while it exported $27 billion in return.

The volumes of crude oil and natural gas traded actually increased last year, but lower average prices kept the total value relatively flat.

Crude Oil: the leading component

Crude oil remains the most significant part of this trade. Canada was the largest source of U.S. crude oil imports in 2024, supplying an average of 4.1 million barrels per day, a 5% increase over 2023.

This uptick was partly driven by the Trans Mountain Expansion pipeline, now operational, which enables Canadian oil to reach new export routes on the Pacific Coast.

U.S. crude oil exports to Canada are far smaller—just 360,000 barrels per day—and typically consist of light, low-sulfur grades destined for eastern Canadian refineries.

However, recent developments have introduced uncertainty. Since March 6, 2025, a 10% tariff applies to most Canadian energy exports to the U.S., though some volumes may qualify for exemption under the USMCA.

Early data suggests an impact: U.S. crude oil imports from Canada dropped 5%, and exports to Canada fell 28% in March and April 2025 compared to the same months last year.

Key data to understand U.S.–Canada energy trade in 2024

Natural Gas: more volume, less value

The U.S. imported 8.5 billion cubic feet per day (Bcf/d) of natural gas from Canada in 2024, 7% more than in 2023.

Despite the higher volume, the value of these imports plummeted 43%, reflecting lower gas prices. U.S. exports to Canada also dropped in value by 37%, with volumes averaging 2.7 Bcf/d.

Most of this gas travels through pipelines. Imports typically cross into the U.S. from western and central Canadian provinces, while exports move from the northeastern U.S. into Ontario.

Petroleum products and electricity

Trade in petroleum products dipped slightly in 2024.

While U.S. imports of refined products from Canada grew by 5%, its exports to Canada dropped by 8%, largely due to increased domestic gasoline production in Canada.

Electricity trade, while minor in dollar terms, plays a crucial role during peak demand periods.

In 2024, 72% of the electricity trade value came from U.S. imports of Canadian power, reinforcing Canada’s position as a key supplier in critical situations.

Looking ahead

Despite current tariffs, the U.S. is likely to remain Canada’s preferred energy customer, thanks to integrated pipeline infrastructure and U.S. refiners’ preference for heavy Canadian crude.

However, shifts in policy and market conditions could reshape this dynamic in the years to come.