US Election Watch John McCain and Sarah Palin - A Dream Ticket for Oil Companies

US Election Watch John McCain and Sarah Palin - A Dream Ticket for Oil Companies

Summary

In 2007, the United States was the third largest producer of crude oil at 5.1 million barrels per day, behind Saudi Arabia and Russia. However, this represented only a small proportion of its domestic demand and the remaining demand was met by imports. The countries from which the majority of imports come from are not very geopolitically stable and some of them have displayed open hostility towards the US. In this context, there has been a growing debate on the means to reduce the dependence on these hostile and unstable countries for supply of crude oil. Apart from the usual prescriptions of austerity and energy efficiency, both the presidential candidates are offering contrasting solutions to increase domestic production and decrease prices.

Scope

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