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September 16, 2013 9:30 PM

U.S. — and rest of world — still dependent on Mideast oil

The Arab oil embargo in 1973 slammed the economy, and officials vowed to slash imports — especially the 5 percent of the U.S. oil supply that came from Persian Gulf countries. Forty years later, after a recent run of growing domestic oil production and dropping petroleum consumption, the share of the U.S. oil supply coming from the Persian Gulf is 12 percent.

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