As of 2007, the amount of oil imported from OPEC was 5.394 million barrels per day , representing 53.8% of all crude oil imports. (SOURCE)the US Department of Energy's Energy Information Administration.
The US is vulnerable to OPEC because of the oil import. There is about 40% oil in OPEC countries.
OPEC influences the price and availability of oil and gas.
All Arab nations that export oil are members of OPEC. When the US supported Israel in the Yom Kippur War (as to offset USSR's supplies to the Arab states) OPEC declared an oil embargo on the US..
Oil
The middle east has always been a large proportion of US crude oil imports. Therefore, when the OPEC was introduced and as the oil prices sharply rose, the US import spending on crude oils also increased by a substantial amount. This, in effect would mean that petro prices would increase and since petro is essential in transportations/industrial productions, you would expect a sharp increase in average price in the economy (inflation).
The US is vulnerable to OPEC because of the oil import. There is about 40% oil in OPEC countries.
Oil embargo
According to AESC the US is the biggest OPEC customer.
Saudi Arabia is a member of OPEC, which collectively determine oil prices for the oil producing countries in that region. As of 7 October 2014, the cost for a barrel of oil from OPEC was US $89.37.
around 82%
3%
OPEC influences the price and availability of oil and gas.
The United States typically buy's their oil from OPEC. OPEC is the company that handles the price, and sale of Oil for middle eastern countries.
All Arab nations that export oil are members of OPEC. When the US supported Israel in the Yom Kippur War (as to offset USSR's supplies to the Arab states) OPEC declared an oil embargo on the US..
Oil
Oil embargo affected the US in a few ways. The main way the US was affected by OPEC.
what were the effects of the Arab OPEC oil embargo on the U.S