1973 Oil Embargo and International Thesis

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9 times greater" than the daily average imported in 1973 (www.ecologicinvestor.com). The importation of oil is the "largest single component" in the U.S. annual trade deficit; the U.S. Bureau of Economic Analysis, quoted by Ecologic Investor, points to the trade deficit for the first 8 months of 2008 -- $281.14 billion. That translates to $4.21 billion annually (estimated).

Saudi Arabia needless to say generates a majority of its revenue from the exporting of petroleum; and while the U.S. trade deficit grows based on oil imports, Saudi Arabia accumulates a surplus, based on oil exports.

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And meantime Saudi Arabia and fellow members of the Gulf Cooperation Council (GCC) have been attempting to "promote higher levels of trade between themselves by removing barriers to the free exchange of goods, services and capital," but their efforts are being challenged by the lack of a "common external tariff" (Nations Encyclopedia). That goes to indicate that despite perceptions to the contrary, not all Arab nations are on the same page when it comes to oil and trade cooperation.

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