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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...
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