The Issue: Oil Addiction
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THE ISSUE America is addicted to oil for its energy and driving needs. With 5% of the world’s population, America accounts for 25% of the world’s oil usage. The nation spends more than $200,000 per minute on oil imports to keep up with demand. In 2007, the U.S. imported 3.6 billion barrels of crude. More than 53% of that oil came from OPEC. OPEC is a cartel of self-interested oil rich governments that, through collusion and market manipulation, control the global price of oil.
EIC POSITION“Our thirst for oil has increased our balance of trade deficit, swelled the coffers of the OPEC cartel and made America vulnerable to the political games of nations such as Venezuela, Iran and Saudi Arabia. These countries use this oil money to buy out American businesses, the nation’s best wealth producing asset. America must invest in an energy solution at home and free ourselves from this harmful addiction.” WHAT YOU CAN DO RIGHT NOW
• Write a letter to your congressional representative and demand that the nation support domestic energy initiatives. • Join a discussion group via Meetup.com to find people in your area to talk about this and other issues with. • Help us raise the funds necessary to disperse this information through mass media outlets across the country. REFERENCES
Senator Richard G. Lugar Opening Remarks 11/11/2005
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LIST OF RELATED ARTICLES
Oil Producers Replacing Dollar?Wednesday, October 07, 2009
Britain’s The Independent reported that oil producing Arab Gulf states and China, Russia, Japan and France have held secret meetings to discuss replacing the dollar in oil trading.
Biofuels Running on EmptyFriday, August 28, 2009
U.S. biofuels are in danger of going the way of the telegraph, according to The Wall Street Journal.
A New BiofuelWednesday, August 19, 2009
Algae has the potential to fuel the nation's vehicles while simultaneously trapping carbon dioxide emissions that contribute to global warming.
China's Oil Buying BingeTuesday, August 18, 2009
The Chinese government, using its massive stockpile of cash compiled through its perpetual trade surpluses, is rapidly expanding its reach into the worlds oil markets.
The Rise of the Electric CarWednesday, August 12, 2009
General Motors issued an official release updating specs for the much anticipated Chevrolet Volt which boasts an average fuel-economy for city driving at an EPA-estimated 230 miles per gallon.
Oil on the RiseThursday, July 30, 2009
Rather than struggle through rising prices, or crises such as last summer, we need to move away from oil altogether. This country cannot continue living off of oil as its primary energy resource.
Regulating Oil MarketsSaturday, July 11, 2009
After enduring nearly two years of fluctuations in global oil markets, the Commodity Futures Trading Commission is now considering placing regulations on speculation in this vitally important sector.
Oil Prices on the RiseSaturday, June 20, 2009
With no reasonable alternatives yet in place, we may well see a massive energy shock in the immediate future.
Oil Prices Up on Inflation FearFriday, June 19, 2009
“The Fed’s efforts at U.S. dollar debasement have been instrumental in recent dollar weakness, which in turn has contributed to the upside pressure on dollar-denominated oil prices.”
Next Generation Bio-Fuels Taking a HitThursday, June 11, 2009
The alternative energy sector took a major hit over the past year as oil prices dropped and short-sighted investors momentarily forgot about the energy crisis.
Greenhouse Gas Truce: Long Road AheadWednesday, June 10, 2009
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America's Fuel EconomyWednesday, May 27, 2009
Saudi Arabia Predicts Oil at $200 Per Barrel in Near FutureTuesday, May 26, 2009
Global oil prices are expected to spike once again in the next two years as the global economy stabilizes and investment in new production continues to lag.
Last Summer's Oil Prices Making a Comeback?
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No single technology will be a saving grace, but one thing is certain: U.S. automakers need to increase their production of a new wave of cars beyond the scope of standard internal combustion. This can hopefully spur some recovery in that battered sector, create jobs nationwide, and tackle our addiction to foreign oil all at once.