I would bet it is less than that more like 8%.
But here is our problem; the countries who are denied the oil will have to pay higher prices.
The countries who are presently supplying us will continue to do it if we pay the higher prices. Otherwise they will ship oil to the Europeans and others who are cut off. These oil companies are in business to make money, not to be nice guys. -Tom
Very good point. People need to understand that oil is fungible and when theres not enough of it, everyone who buys it will pay that premium.
And actually its not just oil. To some degree, all energy is fungible. If we had more drilling and more nuclear and more coal and nat gas, ALL OF IT would be much less expensive because many fuel usages can use multiple sources (like elec utilities for instance).