3 ms·
It is helpful to remember that America is the world’s largest petrostate.
by revscat 2y ago
It is helpful to remember that America is the world’s largest petrostate.
- TeaBrain 2y agoThat's not helpful, because it's far from being true. The US mining sector, which includes oil and gas, is less than 2% of the US economy. https://www.statista.com/statistics/248004/percentage-added-to-the-us-gdp-by-industry/ https://www.statista.com/statistics/248004/percentage-added-...
- revscat 2y agohttps://en.wikipedia.org/wiki/List_of_countries_by_oil_production https://en.wikipedia.org/wiki/List_of_countries_by_oil_produ... 1. United States 2. Russia
- TeaBrain 2y agoThis is what makes the US economy interesting, in that despite being a leading producer of oil, unlike other large producers of oil, it does not come close to being reliant on the industry. In comparison, almost all other large producers of oil are petrostates, in that much of their economy is dependent on oil and gas. The US oil and gas industry could cut its production in half and it would change the GDP by a percentage point at most. US oil production is more important for natural security, so that the country is not reliant on other countries for production, than it is for the GDP.