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.

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