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America’s oil boom won’t make it energy-independent from Middle East madness

Posted on 06 September 2013

Thanks to increased domestic oil production and falling demand, energy independence is becoming a realistic goal for the U.S. But that doesn’t mean it won’t be vulnerable to price shocks if a Syria attack goes bad.
If the U.S. does strike Syria, the price of oil — already at $115 and rising in the Brent index, largely because of political disruptions in Libya, a major producer — is likely to spike. It’s not that Syria is a major oil producer — even before the war its exports were modest by Middle East standards, and now the embattled regime of Syrian President Bashar Assad can manage just 50,000 barrels a day, barely 5% of what tiny Oman can pump………………………………………..Full Article: Source


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VRS - who has written 36729 posts on Opalesque Commodities Briefing.


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