FOXNews.com: US relying more on Saudi Arabia for oil supply

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US relying more on Saudi Arabia for oil supply Aug 17th 2012, 12:54 Amid concerns about Iranian sanctions driving up oil prices, the U.S. reportedly is turning back to Saudi Arabia for more supply.  According to The New York Times, Saudi oil exports have increased over the last year -- reversing a trend in which the U.S. had decreased dependence on Persian Gulf oil.  Overall, imports from the region reportedly jumped from 1.9 million barrels a day in December to 2.6 million a day in May.  Gulf oil now composes 23 percent of total U.S. imports, according to the Times, as opposed to 17 percent late last year.  The shift, though, comes with risks as the Saudi oil still must pass through the Strait of Hormuz, which the Iranians have threatened to close if provoked.  Click for more from The New York Times.

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