sub4hire -> RE: write and read the right rant (8/5/2004 2:26:24 PM)
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The Crude Oil Marketplace Crude oil is the largest single component in the price of a gallon of gasoline, and its price is determined by the global supply and demand for it. The single largest factor in global supply is the Organization of Petroleum Exporting Countries (OPEC), a group of 11 countries with 40 percent of the world's oil production. This makes these countries an influential factor in setting crude prices. When OPEC decides to reduce production, oil - and subsequently - gasoline prices rise, and American drivers pay more at the pump. Many major oil producers are not members of OPEC. These include Russia, Canada, Mexico, Angola, and China. The United States is the third largest oil producer after Russia and Saudi Arabia. However, because of the large size of its economy and its energy needs, the United States must import about 62 percent of its oil. In recent years, we have shifted our import supply away from the Middle East. Two of our biggest foreign suppliers are Canada and Mexico. Fact: OPEC consists of 11 countries: Saudi Arabia, Iraq, Iran, Kuwait, Libya, Qatar, the United Arab Emirates, Algeria, Indonesia, Nigeria, and Venezuela. They produce 40 percent of the world's oil and hold approximately 77 percent of the world's oil reserves. http://www.gasolineandyou.org/
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