U.s. Foreign Oil Dependency - 1094 Words

Foreign oil dependency is a major topic that is hotly debated in US politics. The United States relies on imported oil for about 40% (in 2012) of petroleum consumed and is the world’s largest consumer of oil. About 53% of the foreign oil imported is from other Western nations such as Canada, Mexico and Brazil. 28% is from the Persian Gulf, 16% from Africa and the remaining from other areas of the world. Canada is currently the leading crude oil supplier to the US. Some believe that importing oil has benefits to our economy, while others believe it is a security threat. Some economists believe total energy independence would reduce the demand for the US dollar, as the oil trade is done is US dollars. Since oil prices are set for the total supply of oil, the global market will decide the price of oil regardless of whether the US imports oil or not. Therefore, to keep the dollar strong we should continue to import oil. However, the U.S Department of Energy claims that although US petroleum production has increased and net imports have decreased oil imports have cost our economy around $116 billion in 2014 and oil price shocks and price manipulation are to blame. The solution the US Dept. of Energy has set out is to developed more advanced and fuel efficient vehicles, and create new energy sources to replace petroleum. Arguments are made for alternative means of retrieving oil on North American soil such as fracking and tar sands but there is a strong oppositionShow MoreRelatedOil Dependency Essay910 Words   |  4 PagesDimon English 091 November 5, 2006 Oil Dependency: Increase Research Funds Americas dependency on foreign oil is slowly crippling the average citizens hard-earned income with outrageous fluctuation in gas prices. The American government seriously needs to step it in gear and start taking action on possible supplemental energy sources to replace foreign oil and actually begin providing those sources to the public without overpricing. Todays foreign oil is polluting our air and crushing weRead MoreThe Government Should Invest A Green Energy1337 Words   |  6 PagesCurrently, there is an ongoing debate as to whether the U.S. government should invest in green energy or leave it to the private sector. Now, the U.S. economy is a mixed economy, defined as an economic system that protects private property and allows a certain amount of freedom in the use of capital but grants government to interfere in economic activities, to achieve aims. Renewable energy essentially is a marketable public good because it has characteristics of both a public and private good. P erRead MoreMichael Klares Blood and Oil Essay1504 Words   |  7 PagesMichael Klares Blood and Oil Michael Klare has written an interesting and very relevant book, dealing as it does with the politics of oil, US foreign policy, the Middle East, and the causes of terrorism. He writesRead MoreThe Geopolitical Challenges Of America1616 Words   |  7 Pageschallenges our nation faces today is our dependency on foreign oil and our relations with Russia that could potentially lead to another Cold War. Americans, we like things and things require energy. The main source of energy for our country comes from oil. Some of our oil supply comes from foreign countries since our country cannot produce enou gh oil to satisfy our usage. We need to stop doing this because even the simplest of issues overseas can drive the price of oil up and endanger our way of life. TheRead MoreGlobal Climate Change : Green Energy1107 Words   |  5 Pagesinvest in green energy, because it would assist in tackling issues regarding global climate change, create jobs as well as boost economy and decrease our dependence on foreign oil supplies. Currently there is an ongoing debate as to whether the U.S. government should invest in green energy or leave it to the private sector. Now, the U.S. economy is a mixed economy, defined as an economic system that protects private property and allows a certain amount of freedom in the use of capital but grants governmentRead MoreHow Oil Drilling Works Essay1238 Words   |  5 PagesPeople in the U.S. use oil every day. Powering cars, heating homes, and providing electricity are just a few examples of how we use oil fuels in our daily life. Where would we be if we woke up tomorrow and couldnt fly because there was no fuel, or products containing plastic were taken off the market? In fact, oil is a part of everyday items such as crayons, bubble gum, and deodorant (Mooney 19). Oil is the number one source of energy in the U.S. today. However, the U.S. imports 140 billion worthRead MoreEnvironmental Issues Of The North Carolina1651 Words   |  7 Pagesharm is the desire to begin offsh ore drilling. Offshore drilling is defined as† The operation of oil wells on the continental shelf, sometimes in water hundreds of feet deep† according to dictionary.com. This method of drilling is a very common form, being used throughout different locations offshore everywhere in the world, the first being in 1897 according to howstuffworks.com. The locations of oil are found by two main methods. The first one is by finding magnetic occurrences that are in naturalRead MoreBenefits Of Offshore Oil Drilling1062 Words   |  5 PagesOffshore oil drilling is a big contribution to obtaining oil for the U.S., but it is also a big controversy to continue offshore drilling or to stop the drilling. most of the world’s energy comes from the use of oil, even though there are other resources to use oil is the most commonly used, But there is a shortage in oil especially in the U.S. so they suggest drilling for oil in the ocean to reach unexplored oil wells. There are benefits in offshor e oil drilling such as jobs, domestic fuel, andRead MorePro Con Alaska Oil Drilling Essay1295 Words   |  6 Pagesof cold dark weather that doesn’t appeal to most, but Alaska has been a major topic to the government that affects me and you. The Alaska tundra has been in question to drill oil or to protect the precious environment there. Should the Alaska tundra be opened for oil drilling? II. Should the Alaska tundra be opened for oil drilling? III. I will analyze this controversy in terms of the following stock issues. A. Ill: Is there a problem with the American energy supply? B. Blame: Is the presentRead MoreAlaska Oil Drilling1301 Words   |  6 Pagesdegradation. An example that sheds light on the conflict between human interests and environmental responsibility is the controversial approval of the oil drilling in the Northern Slope region of Alaska and the drilling that has already began, in the Tar Sands of Alberta. In this paper I will firstly explain the situation regarding why the drilling for oil is up for debate to take place. Secondly I will assess the benefits and the irreparable damage that could possibly bring forth devastating effects