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War and Oil -
I have heard so much about how the pending war affects our current oil prices. I have seen the price of gas go up to $2.30/gallon here in LV. So, I decided to do a little research and educate myself on the "oil crisis". What I found is that there doesn't really appear to be an immediate or even pending crisis due to the situation in Iraq.
Below is the info I have..........I know there is more info out there, I am not in the least claiming this to be the complete story, but I thought you all might be interested. I'm also interested in any other info you may have whether it be in support of the following or in contradiction.
Most of these quotes came from the American Petroleum Institute:
"For the entire year, Iraq supplied about 450,000 barrels per day to the U.S. or less than 3 percent of U.S. oil consumption
Speculation about potential supply shortfalls is premature. Iraq plays a relatively small role in WORLD supplies (about 3 percent) and other oil producing countries could make up for a loss of the oil it supplies.
Alaska's North Slope provides 17 percent of U.S. oil production. That's about one million barrels per day or the equivalent of nearly half of U.S. imports from the Persian Gulf.
The situation in Venezuela, the country's fifth largest supplier of crude oil, appears to be stabilizing and it is expected that it will be able to increase its oil production over the coming weeks. Which would compensate from any loss from Iraq.
There are about 600 million barrels of crude oil in the SPR. It was developed to deal with supply emergencies such as the embargo of the 1970s. It can only be used if a major supply shortfall occurs. At this point, the data indicate no shortfall in supply. "
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