2014/08/23

A quick look at oil trade

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I did a quick look at oil trade, to see whether the United States become more independent from Persian Gulf oil and thus probably long-term more disconnected and disinterested as well. The statistics don't support this guess, but their look in diagram format is nevertheless striking (and odd):

data from U.S.Energy Information Administration


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2 comments:

  1. The spikes are either summer or winter.

    If the Middle East was suddenly gone, the elasticity is such that oil prices would double.

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    Replies
    1. Oligopolic market failure aside, this would require that more than 70% of the global crude oil consumption is by those who could afford a doubled price (in the respective use, after taxes).
      This is yet to be proved.

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