This guy says 2/3 of American oil used is imported.... I understand that only 5% of American oil is imported (most of it from CANADA) but the Americans are hostage to the oil price which is set by the production of the Arab and Persian oil producing countries.
Trust me anonymous poster - Kunstler is CORRECT. America does import something like 65% of it's oil. America is even more dependent today that it was during the oil embargo of the early 1970's (I'm guessing it imported about 30% back then). America's biggest enemy is itself. It has set itself up for disaster - totally at the mercy of oil producers, many of which who detest America.
You should be able to verify this without too much effort.
2 comments:
This guy says 2/3 of American oil used is imported.... I understand that only 5% of American oil is imported (most of it from CANADA) but the Americans are hostage to the oil price which is set by the production of the Arab and Persian oil producing countries.
Trust me anonymous poster - Kunstler is CORRECT. America does import something like 65% of it's oil. America is even more dependent today that it was during the oil embargo of the early 1970's (I'm guessing it imported about 30% back then). America's biggest enemy is itself. It has set itself up for disaster - totally at the mercy of oil producers, many of which who detest America.
You should be able to verify this without too much effort.
Lou
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