A Billion

[Mad Fin]

Most of our oil doesn't come from the middle east. We do get a lot from Saudi Arabia But we get more from Canada. Here is a report showing where our oil comes from. Its pretty interesting. But even though we don't get it from them they still control the worldwide prices.
http://www.eia.doe.gov/pub/oil_gas/p...nt/import.html

If you tally up those numbers you'll see that for YTD 2007 the U.S. imported an average of 5,465,000 barrels per day of crude from OPEC member nations. This is much larger than the 1,872,000 imported from Canada and 59% of the total imported from the top 15 nations, which was 9,296,000. The crude that comes from OPEC is also the more desired light sweet variety, which is what our domestic refineries need in order to refine the gasoline that we demand. The crude produced out of Canada is generally more "sour". Furthermore, a large percentage of Canada's crude production comes from the oil sands in Alberta, which is costly to produce and requires a stout price in order to make the production economical.

Looking at the list again you'll see that Nigeria and Venezuela are leading exporters as well. The problem there is political instability, which raises the risk premium of the price of oil. Of course, the same can be said for where most of the world's crude comes from. It's a cruel irony really.

The problem is that they have it and we need it and we've done nothing to need it less. We're also competing for supply with sizable developing economies such as China and India.

The reality is that if you want the price of oil to soften then you are basically hoping for a global recession. It's a conundrum.

[striper_on]

The reality is that if you want the price of oil to soften then you are basically hoping for a global recession. It's a conundrum. [/QUOTE]



AND I HATE TO SAY IT BECAUSE I AM AN OPTIMISTIC PERSON BUT RECESSION IS COMING!

[trollman]

I don't know enough about the details to say if it's good or bad but it does sound like we are selling them the arms not giving. They'd find another place to buy it so I suppose I'd rather see us with some control in the transaction.

fishskipper, what is ur issue exactly. we sell them value, they give us their cash. what is wrong with that?

[Bugbuster]

Recession is here, and plans on staying awhile.