The United States imports and consumes more crude oil than any nation
on earth -- more than the next top 5 countries combined.
A century ago the U.S. was the world's top oil producer. But after
peaking in the 1970s, U.S. domestic oil production has steadily declined.
The country must now import almost two-thirds of its petroleum.
The concern regarding dependence on foreign oil increasingly affects
both national and international U.S. policy.
In 2000, transportation consumed 70% of all U.S. petroleum. The U.S.
transportation sector is almost toally dependent on oil. Improving
the fuel efficiency of automobiles and light trucks would unquestionably
reduce consumption.
Debate continues on opening up potential offshore and Alaskan deposits
to drilling. Meanwhile, a new field has been discovered in the Gulf
of Mexico, which could hold 3 to 15 billion barrels.
