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Thinking Long Term.(ISSUES & INSIGHTS)(EDITORIALS)(Editorial)
Energy: The attack on a Saudi oil compound over the weekend drives home a key fact: At the start of the 21st century, the U.S. is critically dependent for its energy needs on unstable overseas suppliers.
That dependency has only grown, as the chart with this column shows. Today, we get roughly half of all our oil from other countries.
Many of the world's most troubled nations -- Algeria, the former Soviet republics, Colombia, Indonesia, Iran, Iraq, Libya, Nigeria, Sudan, Venezuela -- are also some of the biggest oil producers. Delivery of the 80 million barrels of oil the world -- and the U.S. -- needs each day hangs by a very slender geopolitical thread.
Should that thread snap, it could mean big trouble.
The Department of Energy estimates a rise of 10% in the price of oil cuts U.S. GDP growth by roughly 0.1 percentage point. Based on that, the 38% rise in oil prices over the past year has cost the economy roughly $46 billion in lost output.
In the event of a real disruption, oil's price -- and its economic costs -- could soar.
But we can take steps right now to boost our energy independence. We've argued here before that we are only hurting ourselves by not exploiting our own sources of oil and other energy to their fullest. Here are a few ideas:
- New WRI Study Reveals Oil from Arctic National Wildlife Refuge Will Not...
- Press release article from: Business Wire February 15, 2001 700+ words
...Arctic National Wildlife Refuge -- the size...Carolina - to oil production...this time, oil production...Arctic National Wildlife Refuge can only make...opening new oil fields." The Arctic National Wildlife Refuge, established...
- L.A. oil giants eye Alaska wildlife refuge. (Atlantic Richfield Co., Unocal...
- Magazine article from: Los Angeles Business Journal Glover, Kara August 26, 1991 700+ words
L.A. oil giants eye Alaska wildlife refuge If the U.S. Senate...Alaskan National Wildlife Refuge to oil exploration. Downtown...The passage of the wildlife refuge section of the National...auction would pit oil companies in a bidding...
- A risk analysis of oil development in the Arctic National Wildlife Refuge....
- Magazine article from: The Energy Journal Powell, Stephen G. July 1, 1991 700+ words
The Arctic National Wildlife Refuge (ANWR) in Alaska is...promising onshore area for oil exploration and one...production over time, oil industry profits and...ANWR in future U.S. oil production, to evaluate...The Arctic National Wildlife Refuge (ANWR) is a 19-million...
- Salomon Brothers: 'Exxon Valdez' oil spill to keep Alaska's Arctic National...
- Press release article from: PR Newswire April 18, 1989 700+ words
...EXXON VALDEZ' OIL SPILL TO KEEP...ARCTIC NATIONAL WILDLIFE REFUGE OFF LIMITS...new supply of oil, the Alaskan Arctic National Wildlife Refuge, will remain...Up until the oil spill, the...Arctic National Wildlife Refuge (ANWR...
- Bush Defends Arctic Oil Drilling Plan; U.S. Cannot Ignore Reserves in Wildlife...
- Newspaper article from: The Washington Post David Hoffman April 1, 1989 700+ words
...yesterday the massive Alaska oil spill has not changed his view that oil drilling should be permitted in the Arctic National Wildlife Refuge and that it would be...controversial plans to open the wildlife refuge to oil exploration. "Well...
- Senate kills plans to drill for oil in Alaskan wildlife refuge.(Knight Ridder...
- Newspaper article from: Knight Ridder/Tribune News Service Kuhnhenn, James March 19, 2003 700+ words
...proposal to drill for oil in an Alaskan wildlife refuge. President Bush had made opening the area to oil drilling a central...easier to authorize oil and gas exploration...the Arctic National Wildlife Refuge, commonly known as...
- Oil Spill Imperils Wildlife Refuge // Rhode Island Cleanup Of Heating Fuel...
- Newspaper article from: Chicago Sun-Times TIM WHITMIRE January 22, 1996 700+ words
...began pumping heating oil Sunday from a crippled...running aground off a wildlife refuge in a storm. Meanwhile, the oil had spread and the...birds coated with oil, many of them dead...Trustom Pond National Wildlife Refuge area, including...
- Oil spill could affect wildlife refuge drilling
- Newspaper article from: Chicago Sun-Times Frederick H. Lowe March 31, 1989 700+ words
The Alaskan oil spill could delay the opening of an Alaskan wildlife refuge to oil drilling, Richard Morrow...Society of Chicago that oil companies have been pushing...have the Arctic National Wildlife Refuge opened to drilling because...