U.S. Oil Dependency on the Middle East and The Diminishing Wealth of Arab Oil Exporters – In Light of the Economic Crisis
http://www.israelarticles.com/articles/83/1/US-Oil-Dependency-on-the-Middle-East-and-The-Diminishing-Wealth-of-Arab-Oil-Exporters--In-Light-of-the-Economic-Crisis/Page1.html
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By Info Web
Published on 04/25/2009
Since the Arab oil embargo on the United States in 1973, political campaigns in the United States at all levels, and particularly at the presidential level, have called for a national oil policy that would reduce the dependency on Middle East oil.
While reducing the dependency on oil imports from anywhere should be a high national priority, much of the rhetoric about dependency on oil imports from the Middle East by the U.S. bear little relationship to the reality.
The Reality of Oil Import by the United States
Most recent data released by the Energy Information Administration of the U.S. Department of Energy show that two countries exported more than 1.40 million barrels of crude per day (b/d) to the U.S., while four other countries exported over 1 million b/d of crude oil (see Table 1). The top five exporting countries accounted for 68%.of U.S. crude oil imports in October 2008, while the top 10 sources accounted for approximately 86% of all U.S. crude oil imports.
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While reducing the dependency on oil imports from anywhere should be a high national priority, much of the rhetoric about dependency on oil imports from the Middle East by the U.S. bear little relationship to the reality.
The Reality of Oil Import by the United States
Most recent data released by the Energy Information Administration of the U.S. Department of Energy show that two countries exported more than 1.40 million barrels of crude per day (b/d) to the U.S., while four other countries exported over 1 million b/d of crude oil (see Table 1). The top five exporting countries accounted for 68%.of U.S. crude oil imports in October 2008, while the top 10 sources accounted for approximately 86% of all U.S. crude oil imports.
Continue