CRUDE OIL

ImageStatue of the Organization of the Petroleum Exporting Countries: The principal aim of OPEC is to harmonize the petroleum policies of its Member Countries as part of its efforts to safeguard their interests. It further states that members of the Organization shall work together to ensure stable oil prices, secure fair returns to producing countries and investors in the oil industry, and provide a steady petroleum supply to consumers. Members organized in 1960 and include Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Qatar, Socialist People's Libyan Arab Jamahiriya, United Arab Emirates, Algeria, Nigeria, Ecuador, Gabon, Angola. Since, Gabon has terminated membership, Indonesia suspended 2009. ~from OPEC Web site.
There are 42 U.S. gallons to a "barrel"
The U.S. consumes 20 million barrels a day. Fifty percent is used for motor oil. Other uses include jet fuel, machinery, lubricants, etc.
The U.S. imports more oil from Canada and Mexico than from the Middle East.
OPEC solely controls the price of crude.

Subject Thread Starter Last Reply Replies
June 2011 Pres. Obama authorizes rel. of 30 Mil Barrels from SPR Aguane Mar 16, 2012 9:46 PM 1
Crude Oil and Total Petroleum Imports Top 15 Countries Aguane Jun 17, 2011 5:46 PM 1
OIL DISASTERS Aguane Jun 9, 2011 12:25 PM 1
Strategic Petroleum Reserve Aguane Jun 8, 2011 5:26 PM 3
Oil Tankers as Terror Targets-info from bin Laden raids. Aguane May 20, 2011 12:35 PM 0
Oil in California Aguane May 14, 2011 10:39 AM 4
Sen. Finance Cmtee today 5/12/11 Aguane May 12, 2011 11:54 AM 1
A few facts as of 4/21/2011 Aguane Apr 29, 2011 8:31 PM 2
What Makes A Barrel of Crude Aguane Apr 25, 2011 11:16 AM 0
Arab Oil Embargo 1973-1974 Aguane Apr 23, 2011 3:36 PM 0

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