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Tuesday, Sep 30, 2014
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Resident  
Stockdale  
March 1, 2011 3:48pm
 
Of greater concern to all should be why we allow OPEC to dictate prices for crude oil in North America. The largest importer of oil to the US is Canada (24% of imports) and second leading importer to the US market is Mexico (12% of imports). The combined supply of these two countries is only 5% less than all OPEC countries combined contributions to our imported crude oil.

Scarey countries Saudi Arabia, Venezuela and internet guru's Nigeria combined only provide 27% of our imports.

These numbers are only expressed in the context of IMPORTS. When you look at the total consumption of oil in the United states the cummulative impact of these specific suppliers are reduced significantly because WE supply 50% of the crude feed stock with domestic oil supplies.

So why unrest in a country that provides us at best 9% of our oil causes the types of fluctuations we see in gas prices is beyond reason.

The good news is that oil imports are expected to decline over the next couple of decades. And North American suppliers are also poised to expand resources. I think it's high time a combination of petro fuel alternatives, north american suppliers and international politics aligned to squash the monopolistic noose of OPEC.

All of this data is readily available at: www.eia.doe.gov/petroleum/
     
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