Oil Facts - University of Washington



Oil Facts

1. The U.S., with 4% of the world's population, uses 25% of its oil.

2. 2/3 of known oil reserves are in the Persian Gulf region.

3. Saudi is #1 (262 B. barrels); Iraq is #2 (113 B. barrels). DOE: Iraq has 220 B. barrels undiscovered (= 98 years of current U.S. oil imports)

■ Caspian Sea is likely to be next the "oil bonanza."

4. After WWI, U.S. and Europe gave Middle East oil rights to "7 sisters."

5 were U.S. companies.

5. Since WWII, U.S. has backed Saudi's repressive monarchy in return for privileged access to Saudi oil. Bin Laden popular in Saudi.

6. Most U.S. military aid and troop deployments are in the Middle East.

7. Major demands of Al Qaeda: end Saudi military regime; U.S. military out of holy land; increase oil prices

8. Since 9/11, U.S. relations with Saudis distant; U.S. military presence from Pakistan to Central Asia to Mediterranean to Horn of Africa

9. Cost of producing Iraqi oil = $.97/barrel; North Sea = $3.50/barrel

10. Bechtel, #1 construction company & major builder of power plants, given #1 contract to reconstruct Iraq

11. In 19th century, U.S. oil reserves were as large as Saudi's

12. In 1940, U.S. imported 2% of its oil; in 2001, 53%

13. After 1970s, U.S. "diversified" to Latin America. After Venezuela (10% of supplies in 2002) crisis, U.S. increased Iraqi imports 3-fold

14. Iraq received major military support from U.S. until 1990 invasion of Kuwait.

15. Desert Storm: $20 billion; 100,000 killed in war; at least 500,000 died since due to destruction of infrastructure and sanctions.

16. Afghanistan: no oil, but pipeline link from Caspian Sea to South Asia

17. 1995: US negotiated with Taliban to build pipelines into Pakistan.

18. Pervasive links of Bush and his administration to oil industry.

19. Cheney retired as CEO of Haliburton Oil to be VP. Sold $24 million of oil equipment to Iraq in 1998-99.

20. Cheney's National Energy Policy predicts Middle East will supply 54-57% of US oil by 2020.

21. The U.S. plans to establish as least 3 permanent military bases in post war Iraq.

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