Oil import misconceptions

While trying to define a topic for this column, I was torn between discussing the current military conflict in Iraq or its related oil price volatility effects on the US. After review, it became apparent that the two topics dovetailed.Some see the US-led campaign to oust the Iraqi regime as a bid to control the Iraqi reserves and production. Even though US dependence on Middle Eastern oil is important, most US citizens do not realize that more than two thirds of the oil that the country imports comes from outside that region.After the US launched the military campaign, I found myself discussing the topic of oil and gasoline prices with friends and family. While only a few of these convers...

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