Canada is the country we import the most oil from, then Saudi Arabia, then Mexico. And in fact U.S. oil production is nearly at an all time high.
According to another EIA list, Iraq lists a distant 7th among the countries we import crude oil from.
A number of years ago I was a day trader in options, and sometimes stocks. I began to see how markets can be manipulated, and how to follow that manipulation to better read the markets.
During the last oil shock when oil reached nearly $150 a barrel I bought into Jet Blue and Ford, both of which had their stock prices hammered by sharply rising oil prices figuring that the steep rise in oil prices could not be sustained, (to difficult to explain why here) and the oil market would likely have a significant price slide.
It was July and I figured by the fall of that year oil prices would be down significantly and gas would go from over $4 a gal. to under $3 a gal. I even made an informal bet with one of our former CV councilmen who was convinced we would never see oil under $100 a barrel again WRONG!!! Oil prices plummeted and gas was under $3 a gal. by Oct. and even less by X-mas. Those stock trades did nicely too!
However a disclaimer...I am NOT suggesting trades based on the current oil price rise. I'm not giving trading advice here.
I will say that I think there is getting to be a high probability based on charts I watch that the stock market in general could take a hammer, maybe soon...not actually because of oil prices and Iraq ...that will only be the excuse. Behind the scenes it will be other factors that drives the market down if that happens...not the economy.
And keep in mind that if the market does decline...there will be some people who will make billions on the down market. They will have an incentive to see the market decline big time at this point. Not everybody loses in a down market. Another thing the average investor does not grasp.
The media is either stupid or in on the manipulation. For example when a market gets hammered in a day or over several days or weeks, the media might say there were a lot of sellers, or a lot of people panicked and sold and that dominated the market, or there were more sellers than buyers.
But stop and think about it. For every seller there has to be a buyer or otherwise the market locks up. So the media hype is wrong because in order for all that stock to sell, somebody has to be on the other side of that trade buying it!
It is a zero sum game!
The question is...who is buying all that stock when the market is being hammered and why when all the news is terrible driving the public out of the market????
That is what you need to figure out and follow. The markets the public sees, especially in the media is a clever illusion to make investors think a certain way at critical times. Not unlike the propaganda that sustains industrial wind development, most of which is a scam as we have learned.
Rising oil prices????? Can you say SCAM!!!! The next time oil prices rise (which they already have) and we get gouged at the pump remember the real problem with rising oil prices is not in the middle east, or with terrorists, it is with traders on the NY Mercantile Exchange. Something most people don't understand. See a reasonable explanation at the link below.
http://www.thesmartmama.com/understanding-how-oil-is-traded/
Of course the other sad part of this, which we have experienced in CV is that rising oil prices and the fallacy that we are highly dependent on oil from terrorist countries will be used against the American public to perpetuate the scam that wind and solar will relieve us of all that. Another scam! Last I heard Canada was a very friendly country.
A good read on some of this is Robert Bryce's book...Gusher of Lies
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