It is the dependence of the transportation system on

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: conomic and policy-driven changes in domestic supply and demand. However, oil total (or aggregate) import costs have increased due to rising prices, which more than offset the savings from lower import volumes.Net imports are gross imports minus exports (it is also the difference between domestic demand and supply). Interest in oil imports has climbed again as oil prices rebounded in response to global economic recovery in 2009-2010 and unrest in the Middle East and North Africa in 2011 (Libya, Egypt) and 2012 (tensions with Iran). Attention to oil exports grew in 2011, when the United States became a net exporter of petroleum products at a time when petroleum product prices were rising. Though it remains a large net importer of oil due to the need for crude oil from abroad, the United States recently started exporting more petroleum products than it imports. US Requires 96% oil in the transportation sector Deutch, Chair of Council on Foreign Relations, Schlesinger, Chair of Council on Foreign Relations,Victor, 2006 (John, James, David, Council on Foreign...
View Full Document

This note was uploaded on 11/30/2013 for the course PHILOSOPHY 303m taught by Professor Tye during the Fall '12 term at University of Texas.

Ask a homework question - tutors are online