Americas Oil Problem Essay -- American Economy, Oil Industry

The United States is in a recession and depends on opposeders to fuel our country. petroleum companies atomic number 18 taking profit of the power they have over gas prices and the economy is at bingle of the lowest points in all of our history. It can be seen that the way things atomic number 18 going now that change needs to occur for the States to scramble back on its feet. Drastic changes will need to happen if we are going to continue to enjoy living in a real advanced and prominent country. By developing proper onshore oil color production 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. non only that, but they are getting away with paying dues they owe. anele 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 Americas crude oil productiveness has decreased since 1985 (Crude Oil Production 1). Currently, oil is becoming more overpriced and damaging the economy while America is becoming more low-level on foreign oil decreasing productivity and narrowing inshore drilling. The oil industry is making an immense profit. Oil companies that secured leases in 1998 and 1999 havent been paying royalties, even though a bill signed in November of 1995 postulate royalties to be paid in proportion to the oil profit made. An showcase of a company profiting because of this is West Texas Inte... ...ational security. As ballotrs, and hereafter voters, we need to vote for candidates that understand the colossal importance of using renewable energy and shorewar d 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 inshore drilling, but it is a long-term investment that will have an rattling(a) payout. If America was to fail in alternative energy research and offshore drilling have multiple spills the worse that could happen is we go further into debt. The country is already trillions deep into debt. Taking a risk and purpose 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.