Despite Increased Domestic Production, Report Says US is Still Vulnerable Because of Oil Dependency
The United States may soon claim the throne as the world’s top crude and gas producer, but America’s dependence on oil leaves the nation at risk, according to a global energy security assessment issued Monday.
According to the analysis by Roubini Global Economics and Securing America’s Future Energy, the nation’s heavy reliance on petroleum fuels threatens to undo U.S. gains in efficiency and oil and gas production.
“Heavy oil dependence still renders the country highly vulnerable to price fluctuations in the short-to-medium term, particularly as economic growth — and fuel demand — recovers,” according to the report.
While physical supplies of oil may be more dependable in the United States — particularly with hydraulic fracturing allowing production of newly recoverable crude and gas resources — the nation’s overall dependence on oil and inefficient use of it leaves the economy “exposed to high and volatile oil prices.”The whole article can be viewed by clicking here.
Connect with us on Facebook and Twitter!