Saudi Arabia has nearly 20 percent of the world's proven oil
reserves and is the largest exporter of petroleum. About 11
percent of the U.S. crude oil imports came from Saudi Arabia in
2005. Surprising to many, 13 percent of the world's oil is under
Canada. But the majority of it is embedded in oil sands,
deposits of bitumen that must be treated to convert into crude
oil before they can be refined to usable products. Only slightly
larger than Alaska, Iran contains almost 10 percent of the
world's oil supply. But the country is subject to U.S. economic
sanctions and export controls and therefore does not directly
contribute to the U.S. import supply. Iraq's economy is mostly
driven by oil. More than 8 percent of the world's oil is in
Iraq, providing about 95 percent of the country's foreign
exchange earnings. At present levels of oil and gas production,
the UAE reserves should last for more than 100 years. About 7
percent of the world's oil reserves were discovered here about
30 years ago, even though the regi