How Can We Decrease the U.S. Dependence on Foreign Oil?
How Can We Decrease the U.S. Dependence on Foreign Oil?
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The U.S. Dependence On Foreign Oil
In late 2004, the Hudson originate conducted a examine with the following results:
* 75% of Americans prioritized “reducing our trust on foreign oil” over “cheaper prices for oil and gas.”
* 83% of Americans agreed that “reducing our dependence on foreign oil must be a top priority for the next administration.”
* 91% of Americans concurred that “when it comes to energy, we need an America that relies on its own ingenuity and innovation-not the Saudi royal family.”
How much oil we depend on from foreign sources affects our economy and our national security. Today, we import more than half of the oil we use, and it will increase as we use up domestic resources. The majority (65% to 75%) of the world’s oil reserves are in the Middle East and are controlled by the Opec oil cartel. The U.S. Depends on oil for most of its transportation needs–up to 95%. Until alternative power vehicles start becoming more commonplace, our dependence on foreign oil will only grow.
In the past, dependence on oil has cost our economy dearly. Oil price shocks and manipulation by Opec between 1979 to 2000 cost the U.S. Colse to trillion, nearly as much as was spent on national defense over the same duration and more than the interest payments on the U.S. National debt. An economic recession resulted from each major price shock, so with increasing dependence on Opec oil, prolonged price shocks will continue to cost the U.S. Economy.
In late 2004, oil prices expensed toward a barrel as hurricanes slowed petroleum yield from the Gulf of Mexico and rebels threatened Nigerian oil facilities. Not only did that generate a surge in gas prices at the pump, but increased the dependence of the U.S. On oil from the middle East. “Higher oil prices could trigger a global recession,” according to Purnomo Yusgiantoro, President of Opec. Analysts reported surging demands from a booming Chinese economy as the cause of putting global ask only slightly below global supply. Most Opec nations are already producing at full capacities.
All the oil under the covering of the earth formed in more than 200 million years, yet in 200 years half of it has been consumed. At that rate, remaining oil resources would be depleted in 40 years. We would still have other fossil fuels like coal, shale oil, tar sands and natural gas. Currently, many of these power resources are too costly to use, and their conversion to transportation fuels for use in alternative power vehicles would furnish harm to the environment. Investigation is ongoing to find new fuels to originate economically and without environmental damage.
Ultimately, the explication to our dependence on oil lies in our technological advance in developing alternative power vehicles that are more environmentally amiable and use power more efficiently. Investigate continues to find or generate new power sources to replace petroleum cleanly and inexpensively. As people embrace hybrid cars and other alternative fuel vehicles by request for and purchasing them, automakers will be encouraged to furnish more power efficient, clean cars and to continue their technical advancements.
