Why don’t we support our own oil industry by not importing any more foreign oil.
crisis might be too strong a term
a hiatus to develop understanding is better
the markets are safely doing nothing while the understanding is developed
if you do not sell, you do not lose
For whatever reason? Maybe the investment banks being caught in another bursting bubble has something to do with it.
If we are going to tell Saudi Arabia how much of their own oil we they can pump, are we going allow other countries to tell us the same thing?
Oil was the same price just about a decade ago and that was no crisis. Taking the low inflation into account, one can make a case for 50 dollar oil. Saudi is attempting to injure US oil, Iran and Russia all in one fell swoop. They are not our friends. How long until we finally act on that?
bkmk
We’re importing (about 6 million barrels per day) roughly 30 percent of the fuel liquids that we use (about 20 million barrels per day).
The goalposts have been moved as a result of increases in some kinds of production, by the way (ethanol, tight oil, etc.). We go from oil to total liquids.
See United States weekly imports (total liquids).
http://www.eia.gov/dnav/pet/pet_move_wkly_dc_NUS-Z00_mbblpd_w.htm
See United States weekly consumption (product supplied, total liquids).
http://www.eia.gov/dnav/pet/pet_cons_wpsup_k_w.htm
While most of the cars manufactured in China are sold within China, exports reached 814,300 units in 2011.[4]...In 2010, both sales and production topped 18 million units, with 13.76 million passenger cars delivered, in each case the largest by any nation in history.[8] In 2014, total vehicles production in China reached 23.720 million, accounting for 26% of global automotive production.[9]
In 2009, India emerged as Asia's fourth largest exporter of passenger cars, behind Japan, South Korea, and Thailand,[3] overtaking Thailand to become third in 2010...More than 3.7 million automotive vehicles were produced in India in 2010 (an increase of 33.9%), making India the second fastest growing automobile market in the world (after China).[4][5] India's passenger car and commercial vehicle manufacturing industry recently overtook Brazil to become the sixth largest in the world, with an annual production of more than 3.9 million units in 2011.[6][7]