© 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) 1990-2010 (average) 2011 2012 2.7% 2.7% 3.2% 3.2% 5.9% % Share of GDP The cost of oil imports is set to hit record levels in 2012, with OECD spending reaching 2.3% of GDP & each additional $10 increase in the oil price raising this by 0.2 percentage points © OECD/IEA 2012 0 100 200 300 400 500 600 700 2009 2010 2011 Billion USD Gas Oil 2.1% 2.7% 3.3% Europe: rising energy prices compound the pain of austerity 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% © OECD/IEA 2012 As China continues to grow, the impact of high energy prices is keenly felt China’s spending on oil & gas imports more than doubled between 2009 and 2011 as a result of higher energy prices & increased import volumes 0 50 100 150 200 250 2009 2010 2011 Billion USD Gas Oil % Share of GDP China’s net import bills Cost of net imports of oil and gas in China 1.9% 2.4% 2.9% . © 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%. 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