CALIFORNIA OIL IMPORTS
The graphs and tables below were produced by the California Energy Commission. Losing Iraq's oil would be an 8.38% loss of total oil supply in California. It would drive the price up until there is 8% less consumption. Given the near term inelasticity of fuel price, this would mean a much higher price rise than 8%.
Wouldn't we all be a lot better off if, after the second oil shock lesson in 1984, the State had instituted an adjustable fuel tax that would have limited foreign importation to the much smaller amount at that time?
Oil Supply Sources
To California Refineries
(In Thousands of Barrels)
Foreign Sources of Crude Oil Imports to California 2001
Crude Oil in
Total Crude Oil in California
From All Sources*
* Total crude oil received by refineries from all sources includes in-state, Alaska and foreign sources. Total barrels in 2001: 655,255,000. (See other chart for more details.)
Source: California Energy Commission, Transportation Fuels Office.
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