3 ms·

We get ~12% of our oil from the middle east which is consequential but not what I meant. You'll note that after Biden called Saudi Arabia a Pariah state, he wa

We get ~12% of our oil from the middle east which is consequential but not what I meant. You'll note that after Biden called Saudi Arabia a Pariah state, he was forced to reverse course and head over, hat in hand, and beg for more production. Not because of the 12% (or 10% or 8%), we directly consume, but because of the impact on inflation and the world economy. So yes, we are beholden to middle east oil, not because we directly consume it, but because of the impact on energy prices and inflation. If we were maximizing our own energy production, not just for domestic consumption but for export, we could lessen that impact and the influence they have.

Retric 4y ago
It’s 2.6% not 12%. https://www.eia.gov/energyexplained/oil-and-petroleum-products/imports-and-exports.php https://www.eia.gov/energyexplained/oil-and-petroleum-produc... “About 9% of U.S. total petroleum imports and 9% of U.S. crude oil imports were from Persian Gulf countries in 2021.” However the US produces 20 Billion barrels of oil vs 8 Billion barrels of imports. So that 9% is really 9% * (8B / (8B + 20B)) = 2.6% of the US’s total oil supply. Further that 8 Billion barrels of imports almost exactly equals our 8 Billion barrels of exports. There are many reasons to imports and export oil over the course of a year for example seasonal demand varies, but if it goes to 0 we can also stop our exports.
- Retric 4y ago
  “About 8% of U.S. total petroleum imports and 9% of U.S. crude oil imports were from Persian Gulf countries in 2021.” Accidentally mangled the quote while cutting and pasting.