U.S. Dependent on Middle East Oil? Think Again.
Posted By Global Macro Monitor On February 26, 2011 @ 5:00 am In Energy,Think Tank | Comments Disabled
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 [1]. 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 [2] if table is not observable)
[3]
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2011/02/u-s-dependent-on-middle-east-oil-think-again/
URLs in this post:
[1] E.I.A: http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html
[2] here: http://macromon.wordpress.com/2011/02/24/u-s-dependent-on-middle-east-oil-think-again/
[3] Image: http://macromon.files.wordpress.com/2011/02/oilimportsnov1.jpg
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