As world oil prices gyrate in rhythm with the unrest sweeping Middle Eastern/North African (MENA) countries (and prices rise on investment vehicles like energy ETFs), worries abound that the U.S. will feel the pinch of production losses in Libya.
However, even though Libya is the 15th largest exporter of oil, and provides 2% of the world's daily output, those in the U.S. worried about a direct effect on the availability of oil from Libya can rest easy. While the U.S. Dept. of Energy reports that Libya has the largest proven oil reserves in Africa, only 3% of its production, which has actually declined since the 1960s, is sent to the U.S. DOE says that the U.S. imported an average of 71,000 barrels/day of Libyan oil from January through November 2010.
The U.S. imports oil from a number of countries worldwide, as well as providing some of its own supply. But among the 15 largest suppliers to us, Libya doesn't even rate a mention. Most of Libya's oil goes to other nations; 85% goes to Italy, Germany, France, and Spain. While, according to the U.S. Energy Information Administration, we do import some 71,000 barrels per day on average (figures from Jan. through Nov. 2010), most of our oil comes from other sources.
