Oil in the U.S.

The Dow Jones Industrial average closed at 13,080 points on Friday. This is a significant increase from the peril the market experienced throughout much of the last 4 years. But, despite this increase, tensions in the middle east still remain and gas prices are nearing $4 a gallon here in North Carolina. This has led to movements across the nation for more fuel efficient automobiles, and transportation systems to alleviate the need for fuel. However, throughout the midwest oil rigs are popping up and are drilling, using new technology that enables them to gather oil that was previously too costly and too difficult to drill for. President George Bush started this movement during his terms by enacting drilling friendly policies, much to distain of environmentalists in the U.S. President Obama has continued his support for Bush's policies, which has led to a sharp increase in fuel production. "In 2011, the country imported just 45 percent of the liquid fuels it used, down from a record high of 60 percent in 2005. (Krauss, 2012)" This is a huge step for the U.S. economy, which brings up the question will the U.S. ever be fully energy independent? In my opinion we may see that day, with fuel "imports decreasing by 20% over the last three years from members of OPEC. (Krauss, 2012)" In fact the United States has actually begun to export fossil fuels, and may one day become a leading global exporter of fuels. This is a far cry from what is going on in the U.S. today, with President Obama only partially supporting the Keystone pipeline from Canada. The U.S. could one day become completely energy independent, but for now gas prices are still approaching all time highs and the tensions in the middle east are still looming.

Krauss, Clifford, and Eric Lipton. "U.S. Inches Toward Goal of Energy Independence." Nytimes.com. The New York Times, 22 Mar. 2012. Web. 23 Mar. 2012. <http://www.nytimes.com/2012/03/23/business/energy-environment/inching-toward-energy-independence-in-america.html?pagewanted=1&ref=economy>.