Given the unrest in the Middle East we’re hearing a lot of noise these days about how the U.S. is totally dependent on oil imports from that region of the world. The data, however, does not confirm these assertions.
We were surprised by the following table from the E.I.A. which shows the U.S. imports only about 25 percent of its crude oil from the Middle East and just 10 percent when Saudi Arabia is excluded. It is our sense that Saudi is much more politically stable than oil traders believe. This is not to say the U.S. won’t have to pay the world market price if supply is disrupted from Libya or elsewhere, however. (click here if table is not observable)
Finally! Someone has published the facts about our so-called “reliance” on Middle Eastern oil. The Far East and Europe are at much greater risk from the current crude oil dislocation.
after the 1973 Oil Embargo, Middle East is not a major source of US oil imports, bulk of US oil imports come from Latin America
the unrest in Middle East will not jeopardize US oil supplies
currently, US itself is oversupplied with natural gas
despite this, for strategic reason, US will try as much as possible to maintain military presence in the Persian Gulf
the danger here is unrest is happening in some of its key allies countries where there are US military presence
Nice data for analysis in a Econ class
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Will somebody please tell Limbaugh and Fox the facts.
Every time they burp in the Mid-east price of gas shoots up——–It i is the biggest lie that wall street bunch uses to raise the cost.
Why are you saying that America is not dependent on Middle Eastern oil. 24% is a very large percentage of oil to be coming out of one area, its nearly a whole quarter.
yea you need to read a little deeper in to what the stats say. Reread the statistics and repost
It is talking about the stable counties that we get our imports from. While we doo get 24% oil from the Middle East; if Saudi Arabia is out of the factor we by about 10% from other Middle Eastern Countries. Its about stability.
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