Word: petroleum
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Most important, the U.S. economy today uses far less oil to produce each dollar of value in the economy than it did at the time of the last oil shocks. Says John Femly, chief economist at the American Petroleum Institute: "We've become much more efficient in our use of energy." In 1981, expenditure on oil amounted to 8% of GDP; by 2000, the figure had dropped to just 2.5%. Better-insulated homes and businesses, more efficient appliances and assembly lines and even automobiles--notwithstanding our enduring passion for SUVs--have reduced the economy's vulnerability to energy shocks...
...investigators believe something more mundane (and easier) is planned. The FBI has focused increasingly on trucks as vehicles for terrorism. Al-Qaeda operatives used trucks in the Kenya and Tanzania attacks. And U.S. roads are jammed with bombs on wheels--30,000 vehicles that transport poisonous gas, toxic liquids, petroleum products and explosives. Drivers of rigs hauling dangerous loads must have both a commercial driver's license and a hazardous-material (haz-mat) endorsement from a state, but those credentials are no more difficult to acquire than a pilot's license...
First, let’s start with demand. According to the Department of Energy (DOE), the United States imports 8.9 million barrels of crude petroleum a day and produces 5.8 million (all statistics used in this article are from the DOE, some from its Energy Information Administration). If you price those supplies at the moderate and currently prevalent price of $25 per barrel, you arrive at a daily crude oil expenditure by U.S. firms and the government of $222.5 million, which is $81 billion annualized. We spend $81 billion a year buying crude oil on the world markets, primarily...
Among the remaining members of the Organization of Petroleum Exporting Countries (OPEC), Venezuela and Nigeria are the biggest exporters to the United States, accounting for 1.5 million BPD and 0.9 million BPD in 2000, respectively. This puts OPEC supplies to the U.S. at just over 5.1 million BPD. Somewhat surprisingly, non-OPEC nations account for 5.9 million BPD, meaning that OPEC accounts for only 46 percent of American imports. Among the non-OPEC states, we receive 1.7 million BPD from Canada, 1.3 million BPD from Mexico, and 0.3 million each from Colombia, Norway and the United Kingdom...
...investigators believe something more mundane (and easier) is planned. The FBI has focused increasingly on trucks as vehicles for terrorism. Al-Qaeda operatives used trucks in the Kenya and Tanzania attacks. And U.S. roads are jammed with bombs on wheels - 30,000 vehicles that transport poisonous gas, toxic liquids, petroleum products and explosives. Drivers of rigs hauling dangerous loads must have both a commercial driver's license and a hazardous-material (haz-mat) endorsement from a state, but those credentials are no more difficult to acquire than a pilot's license...