We may still require oil to run our economy but less of that oil is coming from major oil-producing countries. Fast-growing emerging markets are expected to continue to consume more basic commodities, driving oil prices and related exchange traded funds (ETFs).

The U.S. is importing 40% less oil from major go-to foreign countries, which include Venezuela, the Saudis, Nigeria and Mexico, writes Keith Kohl for iStockAnalyst.

After two years since the last USGS last Bakken oil assessment, which reported around 4.3 billion barrels of recoverable oil, the North Dakota oil producer mines over 100,000 barrels a day and officials project production to increase to more than 350,000 barrels a day by next year.

The latest Consumer Price Index showed that gas and oil prices increased 8% year-over-year, writes Kimberly Amadeo for About. The EIS estimates that oil prices will stay between $77 to $84 a barrel next year.

Any increases in oil prices will be largely be a result of increased demand by expanding countries like China, Saudi Arabia and Brazil. The OECD forecasts oil consumption to jump 1.5 million barrels per day in 2010, and 1.4 million barrels per day in 2011. Domestically, cash-strapped Americans are using less oil and the EIA has reported a supply glut. [Why Oil ETFs Are Rising.]

For more information on oil, visit our oil category. The ETF Analyzer shows that there are 17 ways to play oil, including with leverage, going short, futures or equities. The funds listed below all use futures contracts to get their exposure. Be sure to read up on contango before you buy, though.:

  • PowerShares DB Oil (NYSEArca: DBO)
  • United States Oil Fund (NYSEArca: USO)
  • United States 12 Month Oil (NYSEArca: USL)
  • United States Brent Oil Fund LP (NYSEArca: BNO)

Max Chen contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.