The business case for policies INCREASING demand for foreign oil

Assuming

• Oil is a finite resource, or at least it is being replenished at a rate that makes it EFFECTIVELY a finite resource.

Given

• The global DEMAND for oil is growing.
• Global SUPPLY of oil is shrinking because the usage rate exceeds the regeneration rate.
• The United State is the world’s 3rd largest producer of oil.
• The United States has the world’s 11th largest proven oil reserves.

Predicting

• Supply and demand trends will continue for the foreseeable future.
• Price of oil will increase because of growing demand and diminishing supply (econ 101)

Rhetorical Questions

• Does the US want to import oil now or in the future when it is more expensive?
• Does the US want to export oil now or in the future when it is more expensive?
• Do we want unfriendly nations to have oil money now, or more oil money later?
• What happens to our national security when we use up our own oil to use in a situation when other countries cut us off? (Hint: Our military needs a lot of oil to function.)

Conclusion

We should do our best to meet our domestic demand for oil using foreign sources and hold back our own oil reserves until the economics of the energy market signal that it is time to resume drilling here.