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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More on this topic (What's this?)

The Oil Industry: We’re a Few Months Away From $100 Oil, Here Are Three Ways to Profit (Investment U, 11/13/09)

Oil Demand Is Dropping Significantly (Shocked Investor, 11/18/09)

The Outlook for Oil Prices (Energy and Capital, 11/14/09)

Read more on Oil at Wikinvest

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