OPEC is said to be responsible for forty percent of the world's oil production and they hold about two-thirds of the world's oil reserves. ... Strategic Petroleum Reserve). ... Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world. ... The Federal tax is 18.4 cents. ... Bostjancic also says "Merrill Lynch believes the higher pump prices will wipe out as much as a third to half of the economic impact of federal refunds." ...

• Word Count: 1449
• Approx Pages: 6
• Grade Level: High School

Federal revenues from lease sales would be $1.3 billion over the next 7 years, helping to trim the budget deficit. 222,000 - 732,000 jobs will be created throughout the country, with fully 98% of these jobs in the lower 48 states. ... While close to half our oil is produced domestically, the U.S. has less that 3% of the world's known oil reserves. ...

• Word Count: 1325
• Approx Pages: 5
• Has Bibliography
• Grade Level: High School