The terrorist attack on the World Trade Center in 2001 was a devastating day for America’s oil industry. Oil prices skyrocketed and fear was put in America. In his article “Take $10 off the Price of Oil,” Steve Hanke states that from 2001 to 2004 oil prices more than doubled reaching $55 per barrel due to Bush’s order for the government to purchase 700 million barrels of oil that caused prices to rise from storage cost. On top of this, oil prices were high to help preserve the oil supply because the nation was afraid oil imports from the Middle East would come to a halt. The September 11th tragedy was not the only time America suffered with high oil prices. In the 1970s some foreign countries stopped exporting oil, which made America fear an oil shortage if imports stopped. America was and remains too reliant on foreign countries for oil. If America were to suffer through another depression such as the Great Depression, then difficulty to make a descant living would be even more than after the September 11th tragedy.
The September 2001 terrorist attack happened over twelve years ago, and America is still suffering high oil prices. The nation should not still be suffering the consequences of something that happened over twelve years ago. America is paying too much for oil from foreign countries. This drives the gas and diesel prices up at the pump for the people. There are billions of gallons of oil in America’s ground. This does not include offshore oil. The nation could easily become self-reliant on oil. America should stop importing and using oil from foreign nations for the production of fuels in order to benefit American people.
America has many natural resources in the ground such as oil. Unfortunately, natural resources eventually run out. With the discovered oil in American grounds, the nation is able to be self-reliant on oil for at least 2,000 years to come. The fact of the matter is that before this massive supply of underground oil runs out, there will be an alternate form of energy to replace oil. With the high gas prices, the research for alternate energies for oil are already in production. Future vehicles may operate off of natural gas or electricity. Until then, America’s underground supply of oil could be extracted and refined for fuel. This would lessen the price of gas and diesel at the pump. It could possibly drop the prices below a dollar per gallon. This would encourage American individuals to spend their money that used to be spend on fuel for other items. This would help the economy with more money going back into circulation rather than being saved by individuals.
One of the largest producers in the world of oil is Saudi Arabia. In his journal “Treasury and Risk,” Lananh Nguyen predicts that the U.S. is expected to surpass Saudi Arabia by 2020 in oil production making the U.S. the largest producer of oil in the world. To add to this, in Congressional Documents and publications, the Obama...