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February 02, 2006
Follow up on State of the Nation Speech
Regarding cutting our dependence on unstable oil supplies. Bush called on us to cut imports of Arab oil by 75% by 2025, but perhaps that isn't enough, considering gulf oil only represents about 17% of our total oil imports?
Here are the current stats on oil production and it shows domestic production going down and imported oil is going up.
American Oil Production (millions of barrels per day)
1999 - 8.1
2000 - 8.1
2001 - 8.1
2002 - 8.0
2003 - 7.8
2004 - 7.6
Outlook - Domestic production is likely to continue slowly falling.
America's Percentage of Net Imported Oil
1999 - 50.8%
2000 - 52.9%
2001 - 55.5%
2002 - 53.4%
2003 - 56.1%
2004 - 58.4%
We must cut our growing dependence on foreign oil as the President said, "In order to stay competitive, America must end its dependence on oil. When you're hooked on oil from the Middle East, it means you've got an economic security issue and a national security issue."
Posted by Post Scripts at February 2, 2006 10:24 AM