All Posts Tagged With: "addiction to foreign oil"
Are Americans Addicted to Oil?
The American political elite tells us we are addicted to oil. Whether it’s from former President George W. Bush or the present administration, Americans for years have been admonished to break the oil habit and use alternative fuels that meet Washington’s approval.
19May2010 | William L. Anderson | 12 comments | ContinuedT. Boone Pickens is Right About Oil Imports? It Just Ain’t So!
The $700 billion that Americans spend annually to purchase oil from other countries (according to Pickens) is a price not a transfer. For the $700 billion we send to oil exporters, we get something in return—oil. Our receipt of millions of barrels of oil in exchange for that money is hardly a transfer. We receive a versatile commodity that can be used for everything from making plastics to fueling family vacations. The exporters receive the $700 billion that they can then use to purchase other goods and services.
1Apr2009 | E. Frank Stephenson | 6 comments | Continued-
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