© OECD/IEA 2012

Impact of high oil prices on the economy
© OECD/IEA 2012
Annual expenditure on net imports of oil
1.4%
1.4%
1.9%
1.5%
3.7%
2.7%
2.5%
3.1%
3.0%
5.6%
0
100
200
300
400
500
600
European
Union
United
States
China Japan India
Billon dollars (2012)

EU spending on imports was almost two-thirds higher in 2011 than 2009 as a result of
higher international oil prices & oil-indexed gas prices
Cost of net imports of oil and gas in the European Union
EU’s net import bills
% Share of GDP
Debt of Greek government
(end of 2011)
© OECD/IEA 2012
Fukushima adds to the economic
impact of higher oil prices in Japan
The shutdown of most nuclear plants has created electricity shortages & pushed up
spending on oil & gas imports, which in turn has led to Japan’s 1
st
trade deficit in decades
Cost of net imports of oil and gas in Japan
% Share of GDP
Japan’s net import bills
Billion USD
0
50
100
150
200
250
2009 2010 2011
Gas
Oil
2.4%
2.9%
3.9%