PETROLEUM
8 per cent per year[citation needed]. US
Joint Forces Command's Joint Operating Environment 2010 issued this warning to all
US military commands "By 2012, surplus oil production capacity could entirely
disappear, and as early as 2015, the shortfall in output could reach nearly 10 million
barrels per day."
Shipping
In the 1950s, shipping costs made up 33 per cent of the price of oil transported from the
Persian Gulf to USA, but due to the development of supertankers in the 1970s, the cost
of shipping dropped to only 5 per cent of the price of Persian oil in USA. Due to the
increase of the value of the crude oil during the last 30 years, the share of the shipping
cost on the final cost of the delivered commodity was less than 3% in 2010. For
example, in 2010 the shipping cost from the Persian Gulf to the USA was in the range of
20 $/t and the cost of the delivered crude oil around 800 $/t.[citation needed]
Price
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