It’s estimated that around 21 percent of the retail price of gasoline is due to the costs of importing. The amount of gasoline consumed by the US comprises 11 percent of oil produced worldwide. We have a national debt of around 12 billion dollars due to imported crude oil alone. Our extreme dependency on foreign oil is due to the limited amount of oil accessible in the US, which is reported to be three percent of known oil reserves. For information on the costs of shipping oil, refer to: http://oiltankers.blogspot.com/2007/08/oil-shipping-rates-fall.html
I don’t think “using our own oil” is really that much of an option; as Jbenjami28 points out, we simply don’t have enough. Because we use so much energy compared to the rest of the world and because we have comparatively little of the world’s oil reserves, we have no choice but to import most of our oil. The links provided in Jbenjami28’s answers are very good but I’d like to add one thing that most people forget about oil prices and supplies. Except in a few extreme cases, the price of oil isn’t really about the supply of oil left in the ground, where it is or how much it costs to get it from there to here. The real factor in oil pricing is refinery capacity. All the oil in the world isn’t much good to you if you can’t refine it into usable products like gasoline. The US has not been adding oil refineries in the past decade and its existing refineries are pretty much at capacity. So even if we were to discover that the entire Midwest is floating on the world’s largest lake of oil, it would have virtually no significant impact on oil prices until such time as we can build a whole lot more refineries to make use of it. Not to inject a political component into this discussion, but 2008 Republican Vice Presidential nominee Sarah Palin’s oft-repeated chant of “Drill, baby, drill!” was based on a false premise that domestic oil supplies translate directly into savings at the pump. They don’t. If she had shouted “Refine, baby, refine!” maybe she would have had a point, but that doesn’t make a very good sound bite.
Put another way, if we only used “our own oil” and did not import any, we’d save a lot of money. But we would be unable to drive any cars or trucks, or heat homes, etc. for 61% of the time – no driving for more than 4 days a week, for every car in the US.
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