Quote:
Ron (Houston) said:
What I don't understand is U.S. never bought oil from Iran with the advent of Iran's nuclear program I don't understand why our gas pricese should sky rocket.

Majority of our oil supply comes from Canada anyway. I guess that's how CEOs like Exxon's can get a $400 million bonus packages at their retirements .



Hi Ron,

we don't have to buy oil directly from Iran. The price per barrel is a world market price. If Iran (or any other oil producing country) restricts supply, they are restricting the world supply, which affects the price of oil.

We actually don't purchase our majority of oil from Canada. About 60% is imported. Of this amount, we import the most from Canada and Mexico. However, one country does not represent a majority of the oil we consume, nor even represent a majority that we import.