In the past five years, U.S. oil output has doubled. In 2014, the United States and a

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In the past five years, U.S. oil output has doubled. In 2014, the United States and a few smaller countries added 2.4 million barrels a day to total world supply. Thanks to incredible advances in technology, instead of having to import more oil we’ve cut our reliance on foreign oil.

Describe the comparative advantage that the United States has in producing oil, and explain why its comparative advantage has changed.

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Foundations Of Economics

ISBN: 9780134486819

8th Edition

Authors: Robin Bade, Michael Parkin

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