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America's Declining Freedom of Action in a Tight Global Oil Market

It is doubtful, even after last year’s gas price spike, that most Americans have much appreciation for the looming crisis in oil production. Nor do most of us even appreciate the nature of the current supply. (Pop quiz: without looking below, can you name the top four oil producing countries, in order? How about the top four oil consumers? What two producer countries do you think rank highest in U.S. oil imports?)

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