Us requires 96 oil in the transportation sector

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Unformatted text preview: in energy policy, Council on Foreign Relations, April 4, 2012 [Neelesh, “CRS: US Oil Imports and Exports,”, ] SM Oil is a critical resource for the U.S. economy. It meets nearly 40% of total U.S. energy needs, including 94% of the energy used in transportation and 40% of the energy used by the industrial sector.1 Unlike other forms of energy such as coal and natural gas, which are largely supplied from domestic sources, net imports from foreign sources meet 45% of U.S. oil consumption, and thus the basis of many of the nation's energy security concerns.The United States has been concerned about dependence on foreign oil since it became a net oil importer in the late 1940s. Those concerns grew with import levels, especially in periods of high or rising oil prices. Nonetheless, imports have generally increased over the last six decades, except for a period following the oil spikes of the 1970s and again in the last six years. Net oil import volumes and share of consumption peaked in 2005 and then declined through 2011 as a result of e...
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This note was uploaded on 11/30/2013 for the course PHILOSOPHY 303m taught by Professor Tye during the Fall '12 term at University of Texas at Austin.

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