Oil and Power: An Analysis of United States Economic Interests and Strategies in the Middle East

摘要

The United States met virtually all of its oil needs from domestic sources until the early 1970s. This self-sufficiency gradually eroded as our internal production failed to keep pace with rising levels of energy consumption. As a result, our new energy needs have been satisfied primarily by petroleum imports. The 1973 Arab oil embargo and supply curtailments associated with the Iranian Revolution in 1979 were painful experiences for the nation. By 1980, the United States was importing 8.5 million barrels of oil per day at a cost many times higher than the going rate in earlier years. Dependence on Middle East oil had become a frightening reality. During the same period, trade deficits, inflation, interest rates, and balance of payment problems were increasing at an alarming rate. Since that point in time, the United States has made progress in building a strong foundation for energy security. Despite these gains the United States is rapidly approaching another critical juncture in its battle to reduce dependency on imported oil. It also suggests national economic strategies that could be employed to improve America's energy prospects for the future.