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Politics : Formerly About Advanced Micro Devices
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To: Bill who wrote (553856)3/9/2010 5:07:52 PM
From: RetiredNow  Read Replies (1) of 1574534
 
It absolutely does, if you will take a moment to think about it. Your assumption is that any reduction in US oil consumption will simply result in increased consumption elsewhere, but that is simply not the case. The US represents almost 25% of global oil consumption. If we make significant strides towards reducing our own consumption, then that decreased demand will bring prices down quite dramatically. Similarly, if we double our domestic supply by drilling everywhere, then that would reduce our foreign purchases by an equal amount, which means less money going overseas.

So where does all the money the US spends on oil go to? The Middle East, Russia, Venezuela. Wouldn't you rather cut down on their revenues and increase revenues to US domestic suppliers? Really, it is a no-brainer.
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