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The breakeven price for North American shale oil was US$68 a barrel in 2015, making it one of the most expensive to produce. By 2019, the "average Brent breakeven price for tight oil was about US$46 per barrel. The breakeven price of oil from Saudi Arabia and other Middle Eastern countries was US$42, in comparison. [141]
Trump also mentioned his intent to impose tariffs on Canada and Mexico starting Feb. 1, sparking concerns of a trade war that could impact economic growth and, as a result, oil consumption.
The leading crude oil-producing areas in the United States in 2023 were Texas, followed by the offshore federal zone of the Gulf of Mexico, North Dakota and New Mexico. [2] The United States became the largest producer of crude oil of any nation in history in 2023. [3] Natural gas production reached record highs. [4]
United States oil product imports by country. The US bans energy imports from countries such as Russia (because of the Russo-Ukrainian War) [79] and Venezuela. [80] The US also limits exports of oil from Iran. [81] Although it is a net exporter, the US imports energy from multiple countries, led by Canada.
Democrats did benefit from lower oil prices, larger increases in productivity, and better global conditions. [2] Blinder and Watson concluded: "Rather, it appears that the Democratic edge stems mainly from more benign oil shocks, superior total factor productivity (TFP) performance, a more favorable international environment, and perhaps more ...
US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. “We can digest $85 or $90 oil. If we go over $90 and closer to ...
In 2016, largely in response to dramatically falling oil prices due to U.S. shale oil output, OPEC signed an agreement with 10 other oil-producing countries to create OPEC+. Josh Boak contributed ...
In response to a wave of oil nationalizations and the high prices of the 1970s, industrial nations took steps to reduce their dependence on OPEC oil, especially after prices reached new peaks approaching US$40/bbl in 1979–1980 [78] [79] when the Iranian Revolution and Iran–Iraq War disrupted regional stability and oil supplies.