Transcript – National Press Club
“There are two things we now know with a high degree of certainty. US exports to a number of petroleum exporting countries are at a very high level through mid year 2005. As David Hamod, president of the National US Arab Chamber of Commerce mentioned, UAE, Mauritania, Oman, and Qatar had almost reached their entire year 2004 import levels by mid 2005.”
“The year 2004 was truly a turning point for exports growth the region. 2002 US exports grew -2 percent and -4 percent in 2003, followed by a burst of positive 19% in 2004. An honest look at exports to the region reveals that higher energy prices are not a zero sum game. US auto manufacturers, struggling to sell product in the US, find a ready market for automobiles in the region. Vehicle exports from the key producing states have grown, on average, 22.8% per year over the last half decade and now account for almost 17% of total US exports to the region.”