Europe and North America, we are told, are less dependent on energy-intensive heavy industry than in the 1960s and 1970s. It seems we squeeze more GDP out of a barrel of oil than in those benighted days.
Sentiment: NEGATIVE
The more that energy costs, the less economic activity there can be.
The less oil the world uses, the less important the region that has so much of it becomes.
The more we focus on using renewable fuels, the less we are dependent upon foreign oil.
Oil has allowed us to think about economics as though energy doesn't matter.
The one thing people seem to forget is the more oil we have, the lower the price and the lower the profits the oil companies make.
Western Europe GDP per capita - not taking into account the new accession counties - was lower in 2001 relative to that of the US than any time since the 1960's.
When it comes to fossil fuels, we're going to find more here and use less. Over time, we're going to become energy independent. I am tired of sending $300 billion overseas to buy oil from people who hate our guts. The choice between a weak economy and a strong environment is a false choice, that is not the choice I'll offer America.
The country remains dependent on oil. But as we are now learning, oil is becoming increasingly scarce.
In 1973, America imported 30 percent of its crude oil needs. Today, that number has doubled to more than 60 percent. Gas prices are as high as they are now in part because we've had no comprehensive national energy policy for the past few decades.
Over the last two decades, America has increased its demand for oil by nearly 30 percent, yet we have not expanded our ability to produce domestic sources of fuel.