Ambassadors Urge Obama to Decrease Dependence on Foreign Oil

A bipartisan group of former U.S. ambassadors known as the Diplomatic Council on Energy Security urged President Obama to decrease America’s dangerous dependence on foreign oil.

The council’s report notes that the trade deficit in oil reached $327 billion in 2011. That figure accounted for 58 percent of the total U.S. trade deficit.

“High and volatile oil prices have pushed the cost of petroleum to levels that would have seemed unimaginable just over a decade ago. This has contributed to a rapid expansion of the U.S. trade deficit, rendering the nation increasingly dependent on foreign capital inflows and building up an enormous financial liability to foreign entities.”

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