Think We Have Energy Security?

Think again. The U.S. is still twice as dependent on foreign oil than we were at the time of the OPEC Oil Embargo in 1973. And it shows. Here are the numbers.

In February, 2014, the U.S. imported almost 50 percent of the oil we consumed: some 255 million barrels. And we paid an average price of $108.90 per barrel. That cost us $27.8 billion or approximately $689,458.00 per minute.

On top of that, as soon as Russia moved troops into Crimea, domestic oil prices, which have been trending about $10 a barrel below import prices, jumped by $3 a barrel.

This should be a wakeup call for anyone who thinks that America’s increased domestic oil production has solved our dependence on imported energy. Oil remains a world market, and the U.S. is still susceptible to price spikes and to supply disruptions.