This article expreses how
Venezuela is the fifth largest exporter of oil in the world, and a main supplier of crude oil to the United States. Oil prices are spectulated to remain the same as they are now; however, a question remains about how oil price increases may hurt the world's economy. Venezuela's oil minister dismissed this subject, and this is why I ask you all if oil price increases will damage the world economy.
-1 on Dale's post for a spelling error.
ReplyDeleteVenezuela has been a larger supplier of the U.S. in the past, but they have been shooting themselves in the foot of late.
Tom is right though - a lot more GDP can be produced for a lot less oil than in the past, so we are getting less sensitive to oil problems, rather than more.