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U.S. domestic oil production has been declining since 1970. In 1973, the United States only imported about 34% of its oil. Today, our country imports more than 53%, and it is estimated that this could increase to 75% by 2010.
Most of the world's oil reserves are now in the Middle East. We have witnessed this shift in economic influence through the last three sharp increases in the world's oil prices: the Arab Oil Embargo in 1974, the Iranian Oil Embargo in 1979, and the Persian Gulf War in 1990. It has resulted in periods of negative economic growth and a rising trade deficit.
But with renewable energy, we can decrease our dependency on foreign oil imports. For example, the U.S. Department of Energy (DOE) estimates that if we displace 10% of our petroleum use for transportation with biofuels, which are produced from organic material, we could save about $15 billion over 10 years. A 20% displacement could save us about $50 billion. This would strengthen our energy security, as well as our economic and national security.
For more data, see the DOE Energy Information Administration's information on energy supply security.
For more related information visit
www.nrel.gov