Securing America's Future Energy
Energy & the Economy
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.