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No. We are an importer of oil.
A wrong answer indeed. We actually have quite a large amount stored up. The problem is that it is only for the military. If the world runs out of oil, the military still has to protect us. In a state of emergency, the US government might supplement the oil production with some of this oil, but highly unlikely due to the burden it could potentially put on the military's ability to continue to kick ass.
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In what two ways could producers react to reduce a surplus of crude oil?
Producers could reduce the price of oil to remove the surplus of crude oil. They could also form a cartel to adjust production to eliminate the chance of future surpluses. Thanks ChaCha!
What is the relationship between the price of crude oil and the US dollar?
In short, weakening of the US dollar, e.g., due to the weakening US economy, causes crude oil prices to go up. Strengthening dollar makes the price of crude oil to decrease. It is explained by the Purchasing Power Parity theory, which assumes that the producers of crude oil should get the same price for oil in their own currency, after exchanging dollars they receive for crude oil.
How many barrels of oil does the US export?
In 2009, the US exported 15,985,000 barrels of crude oil.
What is the most profitable export in the US today?
crude oil
Why is the US obligated to sell its own crude oil on the open market?
In the US, the oil companies will generally either sell their oil on the open market, to get the best price possible, or will use the oil in their refineries. There are a number of exceptions. They may have a heavy crude, and it is to their advantage to lock in a long term delivery contract to a refinery.
What resource that is a surplus of in the Middle East?
Oil. Crude oil that is.
In what two ways could producers react to reduce a surplus of crude oil?
Producers could reduce the price of oil to remove the surplus of crude oil. They could also form a cartel to adjust production to eliminate the chance of future surpluses. Thanks ChaCha!
Is crude oil in US gallons or Canadian gallons?
The Crude oil is in US gallons.
How does crude oil hurt us?
Crude oil can kill wildlife and damages the natural world aound us.
How many gallons of crude are in 1 barrel of crude?
1 barrel of crude oil equals 42 US gallons of crude oil.
How many barrels of crude oil does the US produce a year?
About 5 million barrels of crude oil daily.
Does the US export crude oil?
Yes. The US exports about 9.9 million barrels of crude oil per week.
How gal in a barrel of CRUDE oil?
There are 42 US gallons of crude oil in one barrel.
This country has crude oil reserves?
Nigeria has significant crude oil reserves, being one of the top oil-producing countries in Africa.
How many barrels of crude oil are produced a day in the US?
The US produces about 5 million barrels of crude oil per day.
What is the relationship between the price of crude oil and the US dollar?
In short, weakening of the US dollar, e.g., due to the weakening US economy, causes crude oil prices to go up. Strengthening dollar makes the price of crude oil to decrease. It is explained by the Purchasing Power Parity theory, which assumes that the producers of crude oil should get the same price for oil in their own currency, after exchanging dollars they receive for crude oil.
Are barrels of crude oil transported into the us in 42 gal barrels?
No, crude oil is transported into the US via pipelines or by massive oil tankers also known as "supertankers."
