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The US's imports of foreign oil fell to 36 percent in 2013 (during the Barack Obama administration), down from a high of 60 percent in 2006 (during the George W. Bush administration). [17] Many proponents of energy independence look to the United States' untapped domestic oil reserves, either known or potential.
World proved reserves of crude oil, 1980-2012 (US EIA) In October 2007, the Energy Watch Group, a German research group founded by MP Hans-Josef Fell, released a report claiming that oil production peaked in 2006 and would decline by several percent annually. The authors predicted negative economic effects and social unrest as a result.
Oil prices generally increased throughout the decade; between 1978 and 1980 the price of West Texas Intermediate crude oil increased 250 percent. [50] Although all states felt the effects of the stock market crash and related national economic problems, the economic benefits of increased oil revenue in the Oil Patch states generally offset much ...
Right-on-red spread across the country in the 1970s in response to the Arab oil embargo against the United States and oil rationing. States introduced it as a gas-savings measure: The theory was ...
Despite increased oil production in the U.S. from unconventional sources such as the Bakken and Eagle Ford shales, oil prices haven't gone down. In fact, the price for a barrel of West Texas ...
The IEA forecasts a major oil supply glut in 2025, and even if OPEC+ continues to limit production, it won't be enough to address the overhang. ... Bank of America expects Brent crude to average ...
Tankers supplied 31 percent of the oil arriving at US refineries in 2014, down from 48 percent in 2005; the decline reflects decreased oil imports since 2005. For shorter-distance water transport, oil is shipped by barge, which accounted for 5.7 percent of oil arriving at refineries in 2014, up from 2.9 percent in 2005.
That in turn could help pave the way for the Federal Reserve to lower interest rates, making it cheaper for Americans to borrow. ... US oil output hit an all-time high of 13.4 million barrels per ...