United States: Difference between revisions
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= Our Consumption = | = Our Consumption = | ||
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:The U.S. petroleum industry's price has been heavily regulated through production or price controls throughout much of the twentieth century. In the post World War II era U.S. oil prices at the have averaged $20.94 per barrel. The price of a barrel now is ranging up around $70. It is unnerving that the United States is consuming more oil than ever at this price per barrel. Not only are we consuming more oil, but our production is the lowest it has ever been. | :The U.S. petroleum industry's price has been heavily regulated through production or price controls throughout much of the twentieth century. In the post World War II era U.S. oil prices at the have averaged $20.94 per barrel. The price of a barrel now is ranging up around $70. It is unnerving that the United States is consuming more oil than ever at this price per barrel. Not only are we consuming more oil, but our production is the lowest it has ever been. | ||
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:The USA remains by far the largest oil consumer with declining domestic production now meeting considerably less than 50% of consumption. With the U.S. oil production declining and the demand increasing, U.S. net oil imports are climbing steadily | :The USA remains by far the largest oil consumer with declining domestic production now meeting considerably less than 50% of consumption. With the U.S. oil production declining and the demand increasing, U.S. net oil imports are climbing steadily | ||
<center>[[Image:Crude_Oil_Prices.gif|thumb|Description]]</center> | <center>[[Image:Crude_Oil_Prices.gif|thumb|Description]]</center> | ||
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= The Current Situation = | = The Current Situation = | ||
Revision as of 02:15, 26 April 2006
Our Consumption
- The U.S. petroleum industry's price has been heavily regulated through production or price controls throughout much of the twentieth century. In the post World War II era U.S. oil prices at the have averaged $20.94 per barrel. The price of a barrel now is ranging up around $70. It is unnerving that the United States is consuming more oil than ever at this price per barrel. Not only are we consuming more oil, but our production is the lowest it has ever been.
- The USA remains by far the largest oil consumer with declining domestic production now meeting considerably less than 50% of consumption. With the U.S. oil production declining and the demand increasing, U.S. net oil imports are climbing steadily
The Current Situation
- The record rise in oil prices to $75 a barrel last week has raised fears among oil consuming countries for big consumers like the United States that high energy costs would snuff out economic growth.
- The price spike immediately refocused the national agenda to an urgent economic issue, the pressure the US is putting on Iran to stop its nuclear program, the country in which we import most of our oil form.
- This economic situation has not been our government’s main focus after the destruction caused by Hurricane Katrina which cost $105 and does not account for damage to the economy caused by potential interruption of the oil supply and exports of commodities such as grain.
- The storm interrupted oil production, importation, and refining in the Gulf area, thus having a major effect on fuel prices. Before the storm, one-tenth of all the crude oil consumed in the United States and almost half of the gasoline produced in the country comes from refineries in the states along the Gulf's shores. The impact is clear knowing how much oil is consumed by US citizens.