Contrarian Stock Market Investing News - Featuring Bargain Stocks » Arctic National Wildlife Refuge http://www.contrarianprofits.com Access market-beating ideas from the world's top investment gurus on stock market investing, the gold market, ETFs, Forex trading and real estate values. Mon, 10 May 2010 15:10:45 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 US Cuts Oil Imports for the First Time Since 1977 http://www.contrarianprofits.com/articles/us-cuts-oil-imports-for-the-first-time-since-1977/2302 http://www.contrarianprofits.com/articles/us-cuts-oil-imports-for-the-first-time-since-1977/2302#comments Tue, 20 May 2008 16:00:18 +0000 Contrarian Profits http://www.contrarianprofits.com/articles/us-cuts-oil-imports-for-the-first-time-since-1977/2302 The US is finally doing something about its addiction to foreign oil, according to a report from the Department of Energy.

The report says America’s foreign oil dependency is expected to fall from 60%, to 50% in 2015. The projected reduction is due to high crude oil prices, more efficient cars, and the use of ethanol, which have cut imports of oil to the US for the first time since 1977.

The trend is likely to have significant implications for US national and foreign policies, reports the Financial Times:

… it [will be] harder to prove the case for drilling in Alaska’s Arctic National Wildlife Refuge and to reverse the ambitious biofuels production targets regardless of their impact on global food prices.

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]]> The US is finally doing something about its addiction to foreign oil, according to a report from the Department of Energy.

The report says America’s foreign oil dependency is expected to fall from 60%, to 50% in 2015. The projected reduction is due to high crude oil prices, more efficient cars, and the use of ethanol, which have cut imports of oil to the US for the first time since 1977.

The trend is likely to have significant implications for US national and foreign policies, reports the Financial Times:

… it [will be] harder to prove the case for drilling in Alaska’s Arctic National Wildlife Refuge and to reverse the ambitious biofuels production targets regardless of their impact on global food prices.

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