By Cherise LaPine Grueninger
Dependency on foreign oil challenges our economic and national security because we're not in a position to negotiate over price or availability. In some cases, importing oil strengthens the economies of other countries, and thanks to oil cartel price manipulation, we have no control over the cost of the oil we import, which has a serious impact on the economy.
The U.S. Department of Energy links our recent recessions to oil price shocks. For instance, in the first half of 2010, we spent $50 billion more on foreign oil than compared to the same period in 2009. Despite the cost of the oil, the U.S. still consumes the most oil in the world. In May of 2010, the U.S. imported 61 percent, or 374 million barrels, of oil.
According to the U.S. Department of Energy, we may never be able to eliminate our need for foreign oil.
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