Does the US have a larger impact on oil prices than any other country?



  1. 0 Votes

    Probably not. If the price of oil were purely supply and demand, the US would have the most influence, but it’s mostly determined by who’s speculating in oil, and the whim of oil-producing countries (largely the Saudi states) has more to do with that than demand, which is relatively consistent.

  2. 0 Votes

    The price of oil is not “mostly determined” by speculators nor by oil producing countries. Oil is priced in a global marketplace; Saudi oil costs about the same as West Texas oil. It is indeed the consumption habits in the greatest consumer – the USA – that drives the price the most. However, this is changing, and there are complex trade demographics – for example Saudi Arabia only depends on the US market for about 15% of the oil it exports, so Saudi cares more about economic activity in its larger markets, China, Japan, and South Korea.

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