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By George Clack (Editor)

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S. energy supply comes from nuclear energy and less than 6 percent from renewable energy, mostly hydroelectric and biomass. Energy is costing more money around the world as demand rises, especially in rapidly expanding economies such as China and India. At the same time, energy supplies, notably petroleum, fall increasingly under the control of state-owned companies outside the major economies. S. energy supply is imported, as is nearly two-thirds of its petroleum. S. 6 million barrels of petroleum a day, nearly one-fourth of the world supply.

5 trillion in 2006, exceeded the GDP in all but about eight countries that year. • No. 2 trillion in 2006, about twice that for the country with the next highest level, Germany. • No. 2 in exports of goods, $1 trillion in 2006, behind only Germany, although China is predicted to surpass the United States in 2007. No. 1 in exports of services, $422 billion in 2006. • No. 3 billion in 2006, many times that of any other country. • No. 2 in maritime container traffic in 2006, behind only China. • No.

Governments provide certain services — such as national defense, administration of justice, education, environmental protection, road construction, space exploration — for which they are viewed as better suited than private businesses. Governments take care of needs beyond the reach of market forces. They provide insurance payments to people who lose their jobs and low-cost loans to people who lose their homes in natural disasters. The Social Security system, financed by a tax on employers and employees, accounts for the largest portion of Americans’ retirement income.

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USA Economy-in-brief (2007) (In Brief Series) by George Clack (Editor)


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