The global oil market is far from free. Nearly 90 percent of the world’s proved oil reserves are held by OPEC and other state-run national oil companies (NOCs), who rely on oil revenues to fund their social and defense spending. The global oil market is highly volatile and unpredictable, and an unexpected crisis in any major exporting country—fueled by regional tensions or political instability—can send shockwaves through the U.S. economy, almost instantly forcing American families and businesses to pay higher fuel prices.
Summary Public spending has risen sharply since 2009 in several key oil producers that depend on oil export revenue to balance...Read More Download PDF
Medium- and heavy-duty vehicles represent the fastest growing component of U.S. transportation oil demand, projected to increase from approximately 2.8...Read More Download PDF
On October 16, 1973, members of the OPEC cartel announced an oil embargo against the United States, touching off a...Read More
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