Cars, Suburbia, and Conspiscous Consumption

America is dangerously dependent on foreign oil.

In 2007, the United States imported around 13.44 mbd (million barrels daily) from other countries. This represents an almost 2% reduction over the preceding year. Nonetheless, oil represents a huge economic Achilles Heel for the US.

At the current $145.29/barrel
price for crude on the spot market, a year's worth of oil imports would cost the US $713 billion. Or 5.2% of 2007 US nominal GDP. Or almost three times our trade deficit with the People's Republic of China. It doesn't take a rocket scientist to figure out that this is bound to impact the US economy.