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Dependency on Foreign Oil
This article regarding OPEC’s response to Bush’s “addicted to oil” comments in the SOTU makes one wonder just who is dependent on whom here. It does not seem to be just a one way street, where we are at the mercy of the oil producing countries in the Middle East. To the contrary, they are very dependent on outside money paying for oil.
The Organisation of the Petroleum Exporting Countries on Wednesday warned that President George W. Bush’s proposal to reduce US dependence on Middle Eastern oil could badly jeopardise needed investment in Gulf oil production and refining capacity.
So how much are we really dependent on the Arab countries for oil? This year we imported 59% of our oil consumption. Over 45% of our imported oil comes from Canada, Mexico and Venezuela. Saudi Arabia makes up another 12%. Only 19.3% of our imported oil comes from the Persian Gulf region, which is a total of 11.4% of our oil consumption, unless my math is wrong.
So it seems to me that while we are obviously highly dependent on foreign oil, and reducing our dependency is a worth goal, the countries that supply us with oil are just as dependent on us for the money that we give them in exchange for their oil.
UPDATE 2/2: This article today indicates that we get 11% of our oil from overseas sources, not just from the Middle East. Given the information cited above from the DOE, I think the article may be mistaken.
http://myopiczeal.blogsome.com/2006/02/01/dependency-on-foreign-oil/trackback/
