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| Topic: |
Technology
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| Number of pages / Number of words: |
5 / 1184 |
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America holds 2% of the world's oil reserves, contributes 8% to the production of oil and consumes a staggering 33% of the total world consumption [3]. This is an amazing amount for just one country alone to consume. If we look at how economics are supposed to work we will find that supply needs to equal demand...
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This is an amazing amount for just one country alone to consume. If we look at how economics are supposed to work we will find that supply needs to equal demand. Our supply does equal our demand currently, but is largely imported. Right now America is only supplying 8% of the global production, while taking a massive third of the total consumption...
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