$100 a barrel oil, here we go

  • Share
  • Read Later

Big news today in commodities: crude oil closed above $100 a barrel for the first time ever.

In the days that follow, you’re going to be hearing a lot about what OPEC will do when it meets on March 5, and maybe some more about Venezuela’s president threatening to cut off exports to the U.S.

Let’s all just remember a few things by way of context. First, oil trades on a world market. Second, here in the U.S. we get more oil from Canada than anywhere else. Straight from the Energy Information Administration to you:

The top five source countries and their percent share of U.S. total net petroleum imports were:

Canada (17.5%)
Saudi Arabia (11.9%)
Mexico (11.8%)
Venezuela (11.2%)
Nigeria (9.1%)

That’s right, Canada. Once again, Canada has the answer.