Pacific Ocean Economy - 2005

Economy - overview:
The Pacific Ocean is a major contributor to the world economy and particularly to those nations its waters directly touch. It provides low-cost sea transportation between East and West, extensive fishing grounds, offshore oil and gas fields, minerals, and sand and gravel for the construction industry. In 1996, over 60% of the world's fish catch came from the Pacific Ocean. Exploitation of offshore oil and gas reserves is playing an ever-increasing role in the energy supplies of the US, Australia, NZ, China, and Peru. The high cost of recovering offshore oil and gas, combined with the wide swings in world prices for oil since 1985, has led to fluctuations in new drillings.

NOTE: The information regarding Pacific Ocean on this page is re-published from the 2005 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Pacific Ocean Economy 2005 information contained here. All suggestions for corrections of any errors about Pacific Ocean Economy 2005 should be addressed to the CIA.