Americas Oil Problem Essay -- American Economy, Oil Industry

The United States is in a recession and depends on foreigners to fuel our country. Oil companies are taking advantage of the power they have over gas prices and the economy is at one of the lowest points in all of our history. It can be seen that the way things are going now that change needs to occur for America to get back on its feet. Drastic changes will need to happen if we are going to continue to enjoy living in a very advanced and prominent country. By developing proper offshore drilling techniques, and alternate energy, America could eliminate debt and lessen dependence on foreign oil. As it stands, oil companies have a firm grasp of the American economy. As the price of oil increases, the price of living also increases. Not only that, but they are getting away with paying dues they owe. "Oil companies have escaped more than 60 billion dollars in royalties because of a loophole to get access to more leases. The United States is the third largest producer of oil in the world, and 31 percent of that production comes from land owned by the federal government" (Offshore Drilling Will Enrich Big Oil Companies 2). America maintains this title even though "America's crude oil productivity has decreased since 1985" (Crude Oil Production 1). Currently, oil is becoming more expensive and damaging the economy while America is becoming more dependent on foreign oil; decreasing productivity and narrowing offshore drilling. The oil industry is making an immense profit. Oil companies that secured leases in 1998 and 1999 haven't been paying royalties, even though a bill signed in November of 1995 required royalties to be paid in proportion to the oil profit made. An example of a company profiting because of this is "West Texas Inte... ...ational security. As voters, and future voters, we need to vote for candidates that understand the colossal importance of using renewable energy and offshore drilling to start a recovery of the economy and keep America as a power figure. It will cost billions of dollars for research and perfecting offshore drilling, but it is a long-term investment that will have an enormous payout. If America was to fail in alternative energy research and offshore drilling have multiple spills; the worse that could happen is we go farther into debt. The country is already trillions deep into debt. Taking a risk and finding other ways to generate profit is how we will stimulate growth. The future is here. Fossil fuels will not last forever. If America leads the charge into the renewable energy field we can continue to be a very powerful nation and get the economy back on track.