What do we do about the U.S. dependance on foreign oil

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What do we do about the U .S . dependence on foreign oil

Oil is a form of fuel which is very important in each and every country However , not many counties in the world produce their own oil and the majority relies on imports from those countries that produce it in large quantities . US happens to fall under the categories of those countries that do not produce enough oil to meet the demand of the same and therefore have to rely on import from

oil producing countries

Despite the fact that United States is the third largest oil producer most of the oil the country uses is imported . For instance , in the year 2008 , United States imported about 57 of petroleum while it produced only 43 . The country also consumes oil at a very high rate for it is estimated that in the year 2007 , it consumed about 23 of all the petroleum that was produced in the whole world . Although the oil dependence might decline , the country has always been depending on oil from other countries which is quite dangerous (U .S . Energy Information Administration , 2009 : para 1 . In such a situation , the biggest problem is what can be done about the country 's dependence on foreign oil

Since oil is a costly product , US spend a lot on the commodity which is actually a threat to the economy . Studies of Weiss Lefton (2010 Para 2 3 ) shows that the trade deficit which the...