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Opec is an organization that came about in the 1960s. It is the ‘Organization of the Petroleum Exporting Countries’, with its headquarters in Vienna. These are the members: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.(wikipedia) Notice that Libya is a member? When it comes to oil reserves, Libya has the largest in Africa according to Energy Information Administration (EIA). Although most of Libya’s export is to European countries, the U.S increased oil import from Libya. In 2005 the U.S import 56,000 barrels to 117,000 in 2007.
Now fast forward to 2011, according to worldcity.com Libya only account for 0.63% of the U.S oil import. The other importers are: Canada, Saudi Arabia, Mexico, Venezuela and Nigeria. So why is the fuel price in the U.S climbing so fast? This is a question I am also asking myself. There is unrest in Libya that causes the oil prices to rice, we hear on the news on a daily basis. If we Import so little oil from Libya, why is the oil prices in the country so high? Post your comments and feedback below
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