As world oil prices gyrate in rhythm with the unrest sweeping Middle Eastern/North African (MENA) countries, worries abound that the U.S. will feel the pinch of production losses in Libya.
However, even though Libya is the 15th largest exporter of oil and provides 2% of the world’s daily output, according to The Associated Press, those in the U.S. worried about a direct effect on the availability of oil from Libya can rest easy. Well, perhaps not easy, since the peripheral effects of Libya’s output reduction will of course be felt on the world market and U.S. prices are already on the rise.
The U.S. imports oil from a number of countries worldwide, as well as providing some of its own supply. But among the 15 largest suppliers to the U.S., Libya doesn’t even rate a mention. Most of Libya’s oil goes to other nations; 85% goes to Italy, Germany, France and Spain. While, according to the U.S. Energy Information Administration, we do import some 71,000 barrels per day on average (figures from January through November 2010), most of our oil comes from other sources.