Oil, which accounts for half the world economy, is a key part of the world oil industry.
It’s the biggest export sector and a huge amount of it comes from the US.
The US exports about $40bn a year to China, and $20bn to Russia.
Its imports are the second-biggest and have been growing steadily for the past few years.
The price of oil is up almost 80% since the start of the year.
But the oil industry is facing its biggest crisis since the 1930s.
The biggest companies in the US, ExxonMobil and BP, are facing massive cuts and could be sold off or merged with rival companies.
The government says it is trying to reduce costs by cutting subsidies to large companies.
Meanwhile, many small oil companies are facing huge debts.
The head of the World Bank has said the country’s oil output will be reduced by 90% over the next five years, and the price of crude is expected to plummet by more than 40% over that time.
Oil industry analysts say the US needs to boost its oil output and expand its shale oil fields.
But there are concerns that as the industry grows and as the US oil boom accelerates, the US will fall further behind its rivals.
This article was produced by Al Jazeera and Al Jazeera America, two Al Jazeera news programmes.