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How Much Oil Is Left On Earth?
Is Saudi Arabia Going Bankrupt?
When it comes to oil production, the top three producers are the U.S., Saudi Arabia, and Russia. Saudi Arabia, though, exports the most of any country, selling a great deal of crude to countries throughout Asia. Russia, another major exporter, supplies oil and natural gas to nearly a third of Europe, according to the U.S. Energy Information Administration. Although these are the major players in terms of production and oil exports, the vast majority of oil in the world is controlled by 12 countries. Altogether, the Organization of the Petroleum Exporting Countries (OPEC) hold 80 percent of the world's crude oil. In recent history, this power has been a major force in driving international politics and warfare. In 1973, for instance, OPEC instituted an oil embargo against the U.S. and its allies while Israel was at war with Egypt and Syria. This triggered a major oil crisis with gas shortages across the U.S. and Europe. As long as consumption of crude oil stays where it is, the power of OPEC will remain quite high.
BP: U.S. overtakes Russia and Saudi Arabia as largest oil producer (fuelfix.com)
"Shale producers pushed the United States past Saudi Arabia and Russia to become 2014's largest oil producer, BP said in a report Wednesday."
Total Petroleum and Other Liquids Production 2014 (eia.gov)
Background: What caused the 1970s oil price shock? (theguardian.com)
"There were a series of energy crises between 1967 and 1979 caused by problems in the Middle East but the most significant started in 1973 when Arab oil producers imposed an embargo."
Six Years Ago, Chuck Hagel Told the Truth About Iraq (huffingtonpost.com)
"But what you probably haven't seen -- because everyone has forgotten -- is that back in 2007, Chuck Hagel went totally crazy and told the truth about our invasion of Iraq."