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Journal Assignment Oil Market

1868 words - 8 pages

Journal Assignment (Oil Market)

Throughout the past decade there has been constant discussion about the United States attaining most of its oil from the Middle East. In fact, many journalists and news feeds have theorized how the majority of American oil has been imported by the Middle Eastern countries, and have even gone to the extent to claim that the American “War on Terror” in Iraq was simply to attain more oil. Whether these conspiracy theories are true or not, import data on oil to the United States has proven otherwise. Peter Kiernan’s (2008) article “America is Not as Dependent on Persian Gulf Oil as Some Might Think” illustrates what his proposed title claims by ...view middle of the document...

These numbers only prove that the United States consumption of crude oil imports and trade with the Middle East on the commodity of oil is not as strong as other nations. In other words, other nations seem to be more heavily reliant on oil trading with the Middle East than the United States. For instance, “about 83 percent of Japan’s oil imports, about half of China’s and 27 percent of OECD Europe’s [...and India]” seem trade with the Middle East in terms of oil. Ultimately this date illustrates and also clarifies who in fact trades Oil with the Middle East and/or the Persian Gulf and who does not. Furthermore, data continues to reveal that oil will be an extremely difficult commodity to trade and/or import and export between different nation-states for the nations in the Middle East and the West have made political allies as well when who they trade with.
It is extremely difficult to not flirt with politics between the Middle East and the Western nations (United States, Canada, and the United Kingdom per se) when describing the import and exportation of oil for there is a deeply rooted history we cannot ignore when discussing pressing issues like oil resources. In more words, after the Second World War, Europe and its imperialistic procedures weakened and hence the struggle during and after the Cold War only pertained to such weakness which inevitably looked for solutions. One major solution was to look for more oil resources which henceforth “had a geopolitical impact on the Middle East [...] control of resources and access to oil became paramount, to the extent that dictators and human rights abusers were supported”. The notion that Anup Shah (2010) is discussing we can see today with the constant struggle the Middle East is facing in terms of politics. Politics and History are without a doubt intertwined with the trading of oil resources thus one cannot escape that when describing such topics. Therefore, when former American president George W. Bush promised to “replace more than 75 percent of our oil imports from the Middle East by 2025,” is not only somewhat of a falsified promise but also near impossible to attain because the United States would then still have to be importing massive amounts of oil from the continents of North America, South America, and Africa. Such promises and statements by former leaders only reveal how contentious of the issue oil has been in the past and how it is still till today.
In recent news, due to the protests and revolutions occurring in the Middle East today there are newspapers flooding the cyber and physical world of how oil prices are going to increase and so will food production. Regardless of whom the United States has been dependent on for oil they require it a lot more today than they did yesterday. Keirnan goes on to explain that the United States has been dependent on oil imports since the 1970s and “had a 28 percent share of the American oil market but this has grown to 60 percent today...

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