U.S. Dependence on Imported Oil Could Hamper Economic Recovery

With the increase in current gas prices there is a renewed focus on the United States dependency on imported oil. With the continued unrest in the Middle East, oil prices have risen to a high of over $100 a barrel. These high prices are leading the fears of a deeper recession, possibly a tip back to the economic problems of 2008. The former President of Shell Oil, John Hofmeister, has argued that the country should pursue more offshore drilling, which was reduced after the Gulf of Mexico crisis. He said it was, "absolutely critical to reduce dependence on the Middle East." While I completely agree that we need to end our dependency on the Middle East, I think this would be the wrong way to go about it. We need to invest more government spending on research towards alternative energy sources, rather than continuing to rely on oil. For the time being it is necessary to rely on fossil fuels but this needs to be changed as soon as possible.