HISTORY
THE COLD WAR ERA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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To make sure Americans do not get the Petroleum Products they need to sustain their level of usage.
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To make sure trade runs smoothly.
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To make sure Americans receive the Petroleum Products necessary to sustain their level of usage.
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United states did not participate in this program
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Detailed explanation-1: -"The U.S. imports oil because consumption of oil products-about 20 million barrels per day-is greater than the quantity of crude oil it produces, about 18 million barrels per day, ‘’ Kaufmann said.
Detailed explanation-2: -The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude. That is because what oil people call “lifting costs, ‘’ the cost of actually getting the oil out of the ground, are so much lower in some other countries.
Detailed explanation-3: -The United States does not produce enough petroleum to meet the nation’s energy needs, so the export of crude oil has been banned.
Detailed explanation-4: -Because its member countries hold the vast majority of crude oil reserves, the organization has considerable power in these markets. 13 As a cartel, OPEC members have a strong incentive to keep oil prices as high as possible while maintaining their shares of the global market.