Pray With Your Feet

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  • 01.06.2016 Saudis Have Lost the Oil War

    Poor Saudi Arabia. They don’t realize it yet but they have lost their oil war. The war in its current phase began in September, 2014, when the dying King Abdullah and his Minister of Petroleum, Ali Al-Naimi, told US Secretary of State John Kerry they would gladly join Washington in plunging world oil prices. It became clear the main Saudi motive was to eliminate the new growing challenge to their control of world oil markets by forcing prices so low that the US shale oil industry would soon go bankrupt. For Kerry and Washington the focus, of course, was to economically cripple Russia in the wake of new US sanctions by damaging their revenues from export of oil. Neither achieved their aim.

    • Lynseyjbailey3

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  • The United States produces most of the petroleum it consumes

    The United States is the world’s largest petroleum consumer, and it consumed about 19 million barrels per day (MMbbl/d) of petroleum products in 2014 (about 20% of world total). The United States is the world’s third-largest crude oil producer, but only part of the nation’s petroleum needs are met by crude oil and other liquids produced in the United States. Share of imports from OPEC has declined as U.S. petroleum imports rose sharply in the 1970s, especially from nations that comprise the Organization of the Petroleum Exporting Countries (OPEC). In 1977, OPEC nations were the source of 70% of total U.S. petroleum imports, when the United States exported relatively small amounts of petroleum. Since then, the share has generally declined. In 2014, OPEC’s share of total U.S. net imports of crude oil and petroleum products was 59%. In 2014, about 37% of U.S. crude oil and petroleum product net imports came from the Persian Gulf countries of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates.