March 04, 2011
By Steve McCann
Economic despair reigns in America, as stagnation and mounting debt make our future look hopeless. Yet America is uniquely positioned to rebound and recover our economic preeminence. All that is necessary is a political decision to reverse our energy policy and stimulate domestic production of hydrocarbons. From that would flow a true economic stimulus that would mend many of our ills.
The United States is again, for the second time in less than three years, being reminded of its absurd dependence of foreign sources of energy, most notably, oil. The upheavals in the Middle East have driven up the cost of a barrel of oil into triple digits as it was in 2008. The increasing demands of countries such as China and India and the deliberate devaluation of the dollar by the Federal Reserve and the Obama administration are steadily pushing up oil prices in dollars.
The country's dependence of foreign sources has increased to 52% of the daily requirement as compared to 45% just 15 years ago. Over half of that amount comes from countries that are inherently unstable or ruled by despotic regimes whose interest it is to de-stabilize the United States.
Yet the United States is sitting on the world's largest untapped oil reserve. Read More
