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Cheap Arab Oil and U S Dependence on Middle East Crude
An AP overview links the 1973 oil shortage to Arab embargoes and rising U S consumption. It notes America imports 7 to 21 percent less crude this winter, estimates 3 to 4 million barrels daily shortfall, and contrasts U S production from 43 billion barrels proven reserves with Middle East totals. It argues domestic production lag and reliance on cheap Middle East oil as the core issue.
MENTIONED IN THIS ARTICLE
United States
America
Interior Department
U.S
Alaska
Middle East
Rcent