The Problem

• National Security. The US imports more than 60 percent of our oil every day. At $130 per barrel, OPEC could potentially buy the Bank of America with less than two month’s worth of production, and General Motors in less than a week. ¹ As the #1 user of oil in this country, our military relies heavily on oil supplies to protect our nation – supplies that are not only beyond our borders, but out of our control.
• Economy. In April 2008, oil imports accounted for 57% of the U.S. trade deficit. ² Gas prices have soared to over $4 per gallon. According to the US Department of Energy, that number is not expected to decline in 2009. ³ The US economy is highly dependent on oil, with 69 percent of oil consumption use for transportation alone. ⁴ Our economy is held hostage to oil price spikes, with even small increases in costs sending a chilling effect on our national wealth and our competiveness.
• Health. With the majority of oil used for transportation in the United States, the dependence on oil is at the heart of increasing particulate matter and pollution in major cities. The annual cost of health problems – including asthma and allergies – associated with automobile emission and pollution amounts is estimated to be between $29 billion and $530 billion per year. ⁵

1. Estimates based on Gal Luft testimony before the House Committee on Foreign Affairs, May 2008. http://www.iags.org/Luft_HFRC_SWF_052108.pdf
2. http://www.rhsmith.umd.edu/news/opinion/2008/morici_3.11.08.html and http://www.finfacts.com/irishfinancenews/article_1013868.shtml
3. http://ap.google.com/article/ALeqM5iKN0EGorPgR8ZcyiY2g5CQsQ_1ygD9184DVO0
4. http://www.eia.doe.gov/basics/quickoil.html
5. http://www.apta.com/research/info/online/better_health.cfm