Oil has become the principal wealth in the hands of the great Yankee transnationals; through this energy source, they had an instrument that considerably expanded their political power in the world.
Sentiment: POSITIVE
Pricey oil makes clear that wealth really is energy in various forms.
The people of the United States don't recognize it, but the oil industry has given the greatest gift to the people of the nation, and that gift is the low cost of energy. Bottom line is this enables the country to be very competitive manufacturing-wise and in the world economy.
Energy companies, such as Chevron and Shell, and oil producing countries, such as Kuwait and Venezuela, pump crude oil from their vast land holdings and sell it on the world market.
It is clear our nation is reliant upon big foreign oil. More and more of our imports come from overseas.
Today, in American imperialism, the commodity has reached its most grandiose historical manifestation.
If our country is serious about reducing our dependency on foreign oil, we need to get serious about mobilizing the infrastructure necessary to distribute and dispense the next generation of fuels.
Oil wealth has been a curse on us, made us weak and docile.
New discoveries and production of resources like shale oil and gas are dramatically altering our energy supply outlook and the entire global geopolitical landscape. And the pace of change - particularly in the past few years - continues to accelerate.
As I explain at some length in my book 'Energy Victory,' during World War II, the American strength in oil production was a decisive advantage for the Allies. Airplanes, ships, and tanks all ran on oil, and we controlled the supply.
Oil is ancient wealth in the ground.