Islamic terrorists taking over oil producing countries in the Mid East. Price of oil going above $100 a barrel, maybe $200 a barrel. American economy will collapse. US held hostage by a bunch of Arab oil countries. Our dependence on Mid East oil is a national disgrace.
Awesome! The above is an exaggerated summary of the bilge coming from television news, the press, bloggers, “expert” commentators, radio talk show hosts, and anyone with a twitter account. There is only one problem with these banner headlines and breathless commentating: we don’t import much oil from the Mid East. Just 10%.
That’s right. Just 10% of our oil imports come from the Mid East and that 10% all comes from Saudi Arabia.
The turmoil in the oil producing countries of the Mid East is causing the price of oil to rise worldwide. But we aren’t about to be cutoff by Islamic terrorists.
According to the Energy Information Agency of the US Department of Energy, the United States imports just over 50% of its oil requirements from foreign countries. (The U.S. is actually the third largest oil producer in the world.)
The oil we import comes from the following countries:
Sources of Net Crude Oil and Petroleum Product Imports:
Saudi Arabia (10.4%)