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The article has raised the pertinent issue of oil dependence as major element that adversely impacts environment, promotes security threats and increases trade deficit. America imports 4 billion barrels of oil per day from countries like Nigeria, Chad, Iraq, Syria etc. who are…
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Download file to see previous pages Imports also increase fiscal deficit.
The authors reiterate that America must reduce its dependency on oil and the money saved can be better utilized for improving domestic economy which is reeling under recessive trend. Besides that, large import from unstable countries increases the cost and demand of oil that benefits these countries. These countries use the money for their own vested interest and not for development purposes. Most often, they are used for financing terrorist activities. Reducing oil consumption would stop funding to terrorist activities. At the same time it would also help preserve and conserve environment. With fewer climate related disasters like hurricane Katrina, huge amount would be saved that could be better used for economic recovery. Thus, America would hugely benefit from reducing oil ...Download file to see next pagesRead More
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