Flushing with Money

According to the Center for American Progress, "Americans sent nearly $1 billion a day overseas to pay for oil in 2010. These purchases make up nearly half of our trade deficit. And every dollar that leaves the country to buy a barrel of oil leaves the domestic economy never to return as investment to create jobs or growth."1


Crude prices in the first quarter of 2011 are running around $100 a barrel, which is 20% higher than a year ago. In addition, American taxpayers are coughing up over $70 Billion a year in subsidies to the oil industry.2 Less than $12 Billion is available for alternative energy. And, of course, we see record profits by the Big 5 oil companies:3

The New York Times warned that in the United States:

"A sustained $10 increase in oil prices would shave about two-tenths of a percentage point off economic growth, according to Dean Maki, chief United States economist at Barclays Capital. [He] estimates [the] increase would offset nearly a quarter of the $120 billion payroll tax cut that Congress had intended to stimulate the economy this year."


What are we doing to address the energy problems in the US? Not much, unfortunately. Click here to watch Gas Hole, a documentary released last year. This provides some history of the oil industry, some potential technologies, and lots of frustration with where we are now.

Afterwards, go to Congress.org (handy link to the lower right), find your Congresspersons, and urge them to make big changes with the course of US progress on energy.

Citations:
1. http://www.americanprogress.org/issues/2011/02/profits_v_prices.html
2. http://transitionvoice.com/2011/02/gop-cut-food-aid-but-keep-oil-subsidies/
3. http://www.americanprogress.org/issues/2011/01/oil_lust.html