Spark wrote:
there's no "oil market" in the same sense as your sunday grocery markets though...
There's an international market just as there is for any other commodity.
Its not as if Libya is giving oil to Europe at a special price...
FEOS wrote:
Where does Libya's oil go?
According to official trade data, in 2008 the majority of Libyan oil exports were sold to European countries like Italy (523,000 barrels a day), Germany (210,000 barrels a day), Spain (104,000 barrels a day) and France (137,000 barrels a day).
The US Energy Information Administration estimates the United States imported an average of 102,000 barrels of oil a day from Libya in 2008, up from 56,000 barrels a day in 2005.
In 2008, this meant around seven per cent of Libya's exports went to the US, compared to around three per cent to the UK, according to the EIA/Global Trade Atlas.
Because its geographically convenient, and local oil works out slightly cheaper due to transport costs but its still sold on the open market at a market rate.
Venezuela is usually one of the top four suppliers of crude oil and fuel to the U.S., according to Energy Department figures. In some months the country sends more to the U.S. than Saudi Arabia. The top four suppliers include Mexico and Canada, and the order of the rankings change month by month.
zomg the US buys oil locally zomg Venezuela is communist zomg communists are giving free oil to america zomg
Last edited by Dilbert_X (2011-03-08 04:32:45)