Why USA should drill its own oil

Why USA should drill its own oil

Introduction

The problem

USA consumes about 25 percent of the oil of the world and is the producer of just 10 percent of it. USA gives about $700 billion a year to buy for oil from most North African and Middle Eastern countries countries (www.usatoday.com). The political instability of these countries and with the gas prices skyrocketing, USA is in urgent need, to drill its own oil. If USA continues to rely on other countries for its increasing oil demands, the oil crises of 1970 can happen again, with concomitants of shortage of oil, increasing gas prices, adverse effects on the economy and loss of consumer confidence. USA oil imports were 24% in 1970s, and today it increased up to 60%. It is estimated that if it continues, USA will spend about $10 trillion to other countries for its energy in the next 10 years. This indicates the possibility of a huge economic problem in USA (Blakeman, 2011).

Who is affected by the problem and how

This is not just a state's problem; it is the problem for a nation. The businesses who manufacture parts of machines, transport business and all other big and small businesses will suffer.

The oil companies like shell, restaurants, and all companies, big and small businesses are affected by the increasing oil prices. If this problem is not solved, the increasing oil prices will crush jobs, and thus lead to recession. A great amount of money will be given away to foreign countries and the economy will suffer greatly.

Who can solve the problem

The US president, with the congressional support can lift the ban on the offshore drilling so that a new era of oil discoveries shall begin.

Why is not it solved?

Several people ...