U.S. Dependence on OPEC Increases…

by BWK ~ April 4, 2008

US Dependence on OPEC jumps in one year from 50.9 to 57.6 percent 2006-2007 — driven by DECLINES in European and Mexican production and addition of Angola to OPEC

This from Oil Daily:

“In 2007 the US did not make much progress in kicking its addiction to oil as crude imports remained basically unchanged at just over 10 million barrels per day from 2006. And for all its complaints that Opec was holding back supplies to drive up prices, the US was buying more oil from Opec than at any time in history. The US dependence on Opec jumped to 57.6% of crude imports from 50.9% in 2006. To a large extent, this increase was the result of Angola becoming an Opec member on Jan. 1, 2007. But even without Angola, US dependence on Opec oil would have increased to 52.9% as traditional sources such as Mexico and Europe are supplying less to the US.”

More to come…

Byron King

Note: Byron King is a frequent contributor to the free e-letter Whiskey & Gunpowder. To receive daily insights into energy, oil, commodities and other natural resources sign up here!

Additional Resources:
The U.S. Oil Supply - A Look At Our Future Oil Needs
Less Oil From Mexico
Oil Above $110 - Oil Service Companies Set To Rise…
Oil Prices Surge - This Oil Stuff Sure is Getting Expensive… $100 Oil
Meanwhile, Out in the Oil Patch…
Peak Oil and the Sands of Time
Market Insight - Fundemental Resource Demand Is There
Brazil’s Recent Oil Discovery
Alaska Oil Pipeline Corrosion
$225 Per Barrel - The New Gov’t Standard For Oil