America’s biofuels provide a boost to petroleum imports
With all the publicity around fracking, it’s easy to assume that America’s own domestic oil production is more than enough to fuel a growing economy. It certainly helps. But there’s no magic bullet that will ensure long-term American energy security.
Case in point: Data from the U.S. Energy Information Administration shows that U.S. oil production slumped last year, even as U.S. drivers consumed more gasoline than any year on record. As a result, petroleum imports swelled, with the largest increase in crude oil shipments coming from Iraq and Nigeria.
At the same time, the Organization of the Petroleum Exporting Countries (OPEC) has teamed up with Russia to put a lid on global energy production and push the price of a gallon of gasoline back to prerecession levels.
There’s no doubt that we are in a better position now than when the average gallon of gasoline cost drivers more than $4, but elected leaders who assume that fuel will stay affordable forever are betting against history — and the cash at risk belongs to drivers back home.