Economics @ ITT

Oil Prices Are Determined in the World Market

Posted in economics, International Economics, macroeconomics, Policy Issues, Trade by ittecon on March 8, 2012

U.S. oil production is around 9 percent of world production. Even very large increases in U.S. production would have only a minimal effect on world oil prices, and therefore a minimal effect on the price of gas in the United States.

via Oil Prices ARE Determined in the World Market #3456: It is Not Just Something that President Obama Says | Beat the Press.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: