America's Energy Dependence on foreign sources has the following dangerous results:

1. Economic Dangers.

First, the cost of the imported oil is more than $100 billion per year. When we buy this oil we are sending dollars out of the American economy and into foreign economies. It is estimated that a domestically spent dollar will circulate and create six to seven times as much economic product. When we buy American oil we employ American's who live, buy and pay taxes in America. When we buy foreign oil the recipients do not live, buy or pay taxes in America. It is economically more beneficial to use domestic oil versus foreign oil.

Second, because America imports more than it exports it has a very large Balance of Payments Deficit. When America spends more than it sells in foreign trade, eventually those dollars spent find their way back to America and purchase the equity of America, its homes, lands, industry and other material goods. This effect is dramatically increased during periods of high crude oil prices, such as we are currently experiencing. This means we are selling our present and future for the foreign oil we buy. When America's Energy Dependence is eliminated we will not only further improve the economy of America, we will prevent the exchange of America's equity for that foreign oil.

Third, when the Middle Eastern producers last had 38% of the market share, they triggered a high price rise. Their share fell to 19%, but it is predicted to rise to 35% again in 2001. Domestic oil will help to keep their market share lower and tent to stop any high price rise again.

2. Political Dangers.

America's Energy Dependence has led to our intervention in foreign affairs and even war. Our presence in the Mid East is largely the result of the dependence on oil. This region provides oil to the world supply. While we rely on others, all sell into a world market. When the world supply is threatened the price and supply of oil everywhere is affected. The costs of this intervention is great, in lives and dollars. The purchases made by these foreign countries is not even close to the amount they sell to America.

3. Environmental Dangers.

America's Energy Dependence requires the tanker and barge transport of these great volumes of foreign oil. Ocean transportation of oil is very risky as is apparent by the continuous spills of such oil along our coastlines. Transporting oil by tanker and barge is 30 times more risky than by any other method of transportation. When we stop importing this foreign oil we will end all of this damage to our Environment.

Domestic production on land will not result in greater risk to the Environment in America. Regulations here are much more protective than in other parts of the World. The quality of the oil here is generally much higher than the imported oil which means fewer pollutants from refineries and use of the oil products.

When America's Energy Dependence is eliminated the Environment will benefit.

4. Vulnerable to Terrorism.

America's Energy Dependence on foreign oil makes us even more vulnerable to terrorism. See the recent book by Neal Adams: Terrorism & Oil, PennWell 2002. A terrorist attack on oil fields we are not able to protect, but upon which the world and United States depend may effect an economic shock like we have never seen.