"We are facing very real dangers, and $100 oil is a warning sign our leaders must not ignore. The economic fundamentals say the price will only continue to rise over the long term. To avoid increasing imports, America needs to become more efficient, utilize alternative energy sources, and start pumping more of our own oil as soon as possible," Diamond said.
"The historic energy legislation recently signed into law is an important step that will improve the demand side of the energy security equation, but our leaders must now muster the political will to address the supply side in a meaningful and responsible fashion. Global economic and political factors are transforming energy security into a top-tier priority during America's presidential primary season."
The U.S. imports approximately 60 percent of its oil each day, and that figure is set to grow in the coming years according to Department of Energy estimates. The price of oil has soared in recent months. To pay for this increasingly expensive energy, U.S. wealth has been flowing to major oil-producing countries at astounding and growing rates. Experts estimate that each $1 increase in the average price of oil costs Americans $4.6 billion each year. A recent study by the Oak Ridge National Laboratories estimated that oil dependence has cost the U.S. more than $4 trillion since 1970.
