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August 8, 2008
Cutting Oil Exporters' Taxes via Lower Oil
It's interesting to think about the effective, unhedged income cut to OPEC and non-OPEC oil exporters caused by the current collapse in crude oil prices. Recall, we have gone from a peak of $146 to a current price of something like $116.40.
The following table shows the amount per day by which the amount of money the U.S. sends to other countries, has fallen, assuming exporters were unhedged, and assuming the July peak had held constant. It's worth reminding yourself that many of the countries on this list actively dislike the U.S., so one could argue that sending them more money than you need to is a bad idea.
| Country | U.S. Imports/Day | $146 | $116.40 | Decline/Day |
| CANADA | 1,840 | $268,640,000 | $214,176,000 | $54,464,000 |
| SAUDI ARABIA | 1,579 | $230,534,000 | $183,795,600 | $46,738,400 |
| MEXICO | 1,116 | $162,936,000 | $129,902,400 | $33,033,600 |
| VENEZUELA | 1,030 | $150,380,000 | $119,892,000 | $30,488,000 |
| NIGERIA | 851 | $124,246,000 | $99,056,400 | $25,189,600 |
| IRAQ | 583 | $85,118,000 | $67,861,200 | $17,256,800 |
| ANGOLA | 464 | $67,744,000 | $54,009,600 | $13,734,400 |
| ALGERIA | 440 | $64,240,000 | $51,216,000 | $13,024,000 |
| BRAZIL | 318 | $46,428,000 | $37,015,200 | $9,412,800 |
| KUWAIT | 263 | $38,398,000 | $30,613,200 | $7,784,800 |
| COLOMBIA | 245 | $35,770,000 | $28,518,000 | $7,252,000 |
| ECUADOR | 162 | $23,652,000 | $18,856,800 | $4,795,200 |
| RUSSIA | 119 | $17,374,000 | $13,851,600 | $3,522,400 |
| LIBYA | 96 | $14,016,000 | $11,174,400 | $2,841,600 |
| Total | $269,537,600 |
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