Conspiscous Consumption

Cars, Suburbia, and Conspiscous Consumption

America is dangerously dependent on foreign oil.

In 2007, the United States imported around 13.44 mbd (million barrels daily) from other countries. This represents an almost 2% reduction over the preceding year. Nonetheless, oil represents a huge economic Achilles Heel for the US.

At the current $145.29/barrel
price for crude on the spot market, a year's worth of oil imports would cost the US $713 billion. Or 5.2% of 2007 US nominal GDP. Or almost three times our trade deficit with the People's Republic of China. It doesn't take a rocket scientist to figure out that this is bound to impact the US economy.