The price of oil has recovered since 2010 to above $90/bbl in current dollars.The figure above is from:
http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2011/09/06/things-tha t-make-you-go-hmmm.aspx
Global oil production (scroll down to the figure below) was falling to some extent because OPEC had not yet picked up the drop in production from Libya.
For oil production by country, see: https://en.wikipedia.org/wiki/List_of_countries_by_oil_production. Note that U.S. states are inserted at the appropriate production level. Texas, for example would be equivalent to number 15 in production of countries. The U.S. itself is number three.
Because of additional production from frack oil, imports of oil by the U.S. have fallen to the lowest level since 1997 at 8.5 million barrels/day. Also because of frack oil, imports of light sweet crude oil are falling markedly. The two foreign countries most involved are Nigeria (imports fallen about in half) and Angola imports have fallen to 39% of the 2008 value. Imports of heavy oil from Saudi Arabia, however, have actually risen and was 1.4 million barrels a day, the highest level since 2008. Iraqi imports rose 3% and Venezuelan imports were up 4% from 2011 values. The Keystone XL pipeline would transmit mainly heavy oil and would reduce our dependence on Saudi oil and Middle Eastern oil in general. (http://www.fool.com/investing/general/2013/05/04/us-oil-imports-are-falling-but-reliance-on-these-c.aspx).
Global oil production (scroll down to the figure below) was falling to some extent because OPEC had not yet picked up the drop in production from Libya.
For oil production by country, see: https://en.wikipedia.org/wiki/List_of_countries_by_oil_production. Note that U.S. states are inserted at the appropriate production level. Texas, for example would be equivalent to number 15 in production of countries. The U.S. itself is number three.
Because of additional production from frack oil, imports of oil by the U.S. have fallen to the lowest level since 1997 at 8.5 million barrels/day. Also because of frack oil, imports of light sweet crude oil are falling markedly. The two foreign countries most involved are Nigeria (imports fallen about in half) and Angola imports have fallen to 39% of the 2008 value. Imports of heavy oil from Saudi Arabia, however, have actually risen and was 1.4 million barrels a day, the highest level since 2008. Iraqi imports rose 3% and Venezuelan imports were up 4% from 2011 values. The Keystone XL pipeline would transmit mainly heavy oil and would reduce our dependence on Saudi oil and Middle Eastern oil in general. (http://www.fool.com/investing/general/2013/05/04/us-oil-imports-are-falling-but-reliance-on-these-c.aspx).
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