Open war in the Persian Gulf region could eliminate 18.7 Mbbl/dy (45%) of the worlds 2005 petroleum export market.
Overnight, for all practical purposes.
Think we will still be able to import that 12.4 Mbbl/dy of SUV go-juice with the Chinese, Indians, Japanese, South Koreans, Germans, French etc. all using those dollars they have accumulated to bid against us in what remains of the export market.
On the plus side, we still produce a lot of oil (40% of our consumption) domestically. We won't starve. But with a 3 gal/month gasoline ration, I think SUV sales may take a hit.
Just something to ponder.
http://www.eia.doe.gov/emeu/international/oiltrade.htmlAll in Mbbl/dy
Top World Oil Net Exporters, 2005
Saudi Arabia 9.1
Russia 6.7
Norway 2.7
Iran 2.6
United Arab Emirates 2.4
Nigeria 2.3
Kuwait 2.3
Venezuela 2.2
Algeria 1.8
Mexico 1.7
Libya 1.5
Iraq 1.3
Angola 1.2
Kazakhstan 1.1
Qatar 1.0
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Above represents 39.9 Mbbl/dy of 42 Mbbl/dy world export market
18.7 Mbbl/dy of above in Persian Gulf region
Top World Oil Net Importers, 2005
United States 12.4
Japan 5.2
China 3.1
Germany 2.4
South Korea 2.2
France 1.9
India 1.7
Italy 1.6
Spain 1.6
Taiwan 1.0
Top World Oil Consumers, 2005 (Domestic production in parans.)
United States 20.7 (8.3 - 40%)
China 6.9 (3.8 - 55%)
Japan 5.4 (0.2 - 4%)
Russia 2.8
Germany 2.6
India 2.6
Canada 2.3
Brazil 2.2
Korea, South 2.2
Mexico 2.1
France 2.0
Saudi Arabia 2.0