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http://www.financialsense.com/editorials/hodges/2004/0404.htmlINTRODUCTION
We hear much about a looming Energy threat, but is it for real? The answer is emphatically YES!!
This summary and the separate USA and World sections linked below will tell you WHY.
A cheap and reliable supply of energy is the life-blood of America's economy and the very basis of citizen living standards and national security. Energy especially underpins our transportation and our food supply sectors, as well as our homes, work places, medical facilities, police and national security operations. Yet, worryingly, America's per capita energy consumption increased during the 1990s in spite of a declining US manufacturing base and despite importing more manufactured goods than ever before (i.e. produced by other nations using their own energy). A rising population calls for more energy, not less.
For electricity, America can become self-sufficient since 89% is generated domestically from US-based coal (60%), nuclear (20%) and hydro-power (9%). However, excess reliance on natural gas (declining reserves and rising imports) and oil for electric generation, together with infrastructure and regulatory restraints, can undermine potential self-sufficiency.
But - transportation (auto, truck, aircraft, military), plastics and food energy demands are nearly 100% exclusively dependent on a predominance of oil, although USA-based oil reserves and production are declining - - causing a soaring dependence on foreign supply. Before 1950, including during World War II, America produced more oil than needed, even exporting to other nations. That comparative economic and national security advantage has disappeared.
Oil supply, therefore, represents America's main energy challenge into the future....more... Interesting information.
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