🧑🎓+20% US Savings for College. Africa's Crude Oil Reserves. +60% US Health Spend.
Chart of the Day #205 looks at College Expenditure, Oil Reserves, and Healthcare Expenditure.
Hej 🌲
The US plans to purchase up to 6M barrels of oil for the Strategic Petroleum Reserve, marking its largest purchase since a historic 2022 sale. The oil will be bought from energy companies in early 2025.
Today's Topics
🧑🎓 University Expenditure. 20% more US parents save for children’s colleges
🛢️ Oil Reserves. Africa’s crude oil reserves down by 2B barrels
💰 Healthcare Expenditure. 60% increase in US personal healthcare expenditure
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🧑🎓 20% More US Parents Save for Children's Colleges
The share of US parents saving for their children’s college grew by 20% between 2007 and 2020, rising from 58% to 78%. This increase reflects the growing awareness of rising tuition costs. However, in 2018, savings dropped slightly, likely due to financial uncertainties and economic factors, but quickly recovered to 78% by 2020, continuing the long-term upward trend.
🛢️ Africa’s Crude Oil Reserves Down by 2B Barrels
Africa’s crude oil reserves saw significant shifts between 2010 and 2022. The peak in 2013 at 218.8 billion barrels was driven by new discoveries and increased exploration efforts. However, political instability, regulatory challenges, and fluctuating global oil prices slowed exploration, leading to declines. By 2022, economic and environmental factors further contributed to the reduction of reserves by over 2 billion barrels.
💰 60% Increase in US Personal Healthcare Expenditure
Between 2012 and 2022, US personal healthcare expenditure rose by nearly 60%, reaching over $3.7 trillion. This steady annual increase is driven by rising medical costs, aging populations, and expanded access to healthcare services. Factors like higher demand for advanced treatments and increased insurance coverage have also contributed to the significant growth in healthcare spending.
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