Energy Independence
In the year 2000, for the first time in our history, the US imported more foreign oil than we produced domestically. As our gasoline consumption continues to increase, our dependence on foreign nations is also projected to increase.
Most Americans do not realize the risk our nation faces as a result of our dependence on foreign oil. The Energy Information Administration (EIA) forecasts the nation's oil consumption will grow 44% between 2000 and 2025. Over this same time period, our dependence on imports will grow from 54% to 70%.
Drilling into our wallets
The USA is currently sending $300 billion per year to foreign countries (many of which don't like us) in order to purchase enough oil to meet our needs. That translates into $1,000 for every man, woman and child in America spent on foreign oil EVERY YEAR.
Most people agree that something must be done to reverse this trend. Ethanol blended into our gasoline extends our fuel supply, which reduces the amount of oil the US must import. Currently 11% of the total fuel supply is American-made ethanol. Since ethanol is produced from domestically grown corn, utilizing our own resource shifts some of this dependence back to the heartland of the United States.
We like to say that ethanol fuels independence!
- The United States consumes 25% of the world's oil and yet we have less than 2% of the known reserves.
- In 2010, the US spent $28 billion per month on foreign oil.
- The Institute for Local Self Reliance estimates 75 cents of every dollar spent on biofuels re-circulates through the local economy, while 75 cents of every dollar spent on oil exits the local economy, and in most cases, the country.