The U.S. Dependence on Foreign OilWritten by Andrea Susan Glass
In late 2004, Hudson Institute conducted a survey with following results:75% of Americans prioritized "reducing our reliance on foreign oil" over "cheaper prices for oil and gas." 83% of Americans agreed that "reducing our dependence on foreign oil must be a top priority for next administration." 91% of Americans concurred that "when it comes to energy, we need an America that relies on its own ingenuity and innovation-not Saudi royal family." How much oil we depend on from foreign sources affects our economy and our national security. Today, we import more than half of oil we use, and it will increase as we use up domestic resources. The majority (65% to 75%) of world's oil reserves are in Middle East and are controlled by OPEC oil cartel. The U.S. depends on oil for most of its transportation needs--up to 95%. Until alternative energy vehicles start becoming more commonplace, our dependence on foreign oil will only grow. In past, dependence on oil has cost our economy dearly. Oil price shocks and manipulation by OPEC between 1979 to 2000 cost U.S. around $7 trillion, nearly as much as was spent on national defense over same period and more than interest payments on U.S. national debt. An economic recession resulted from each major price shock, so with increasing dependence on OPEC oil, continued price shocks will continue to cost U.S. economy. In late 2004, oil prices charged toward $50 a barrel as hurricanes slowed petroleum output from Gulf of Mexico and rebels threatened Nigerian oil facilities. Not only did that create a surge in gas prices at pump, but increased dependence of U.S. on oil from middle East. "Higher oil prices could trigger a global recession," according to Purnomo Yusgiantoro, President of OPEC. Analysts reported surging demands from a booming Chinese economy as cause of putting global demand only slightly below global supply. Most OPEC nations are already producing at full capacities.
| | How to buy a used Car at 90% savings off the book value Written by Steve Li
To buy a used car is a great idea for saving money. Everyone knows that a new car lost 65% of its value in first 5 years. But case would be more extreme for a 1 to 2 years old car, it will lost its value 30-40%. If you don’t mind to drive a used car (I mean a 2 to 5 years old car, it looks pretty new) rather than a new car, you may save much money to pay many other bills. If you want to keep car not too old, you may resell it after driving for 2 to 3 years and buy another newer one. The value of car will only drop 15% or less for a 5 years old car. Therefore, your driving cost for 2-3 years would only be 10-15% of car’s original value. The price quote above was only price you buy from an ordinary car dealer. However, you can buy it much cheaper through some special channel. Have you ever heard that around country, hundreds of thousands of vehicles get repossessed by various institutions ranging from banks to US Customs, and everyone of those cars is going to be sold at an auction, online or traditional. Usually, before, only car dealers with a special license could benefit from these incredible savings, however, with a membership at some special organization, you can join ranks of lucky ones and find bargains that you could only dream of. Almost nothing will be out of your range as a member of this site - you will be able to get a car you always wanted but could not afford to spend so much money on.
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