09 July 2008

Thoughts on foreign oil dependency and national security

This year, we will spend almost $700 billion on imported oil, which is more than four times the annual cost of our current war in Iraq.

In fact, if we don't do anything about this problem, over the next 10 years we will spend around $10 trillion importing foreign oil. That is $10 trillion leaving the U.S. and going to foreign nations, making it what I certainly believe will be the single largest transfer of wealth in human history.

Why do I believe that our dependence on foreign oil is such a danger to our country? Put simply, our economic engine is now 70% dependent on the energy resources of other countries, their good judgment, and most importantly, their good will toward us.

Foreign oil is at the intersection of America's three most important issues: the economy, the environment and our national security.

Sobering thoughts from T. Boone Pickens, CEO of BP Capital.

But according to Mr. Pickens, hope comes in the form of the "stretch of land that starts in West Texas and reaches all the way up to the border with Canada, called the "Saudi Arabia of the Wind"." Read the rest at the link.

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