Oil Imports Fuel U.S. Deficit

U.S. has less than 5% of the world's population and only 2% of global oil reserves. Yet America consumes 25% of the world's oil, two-thirds of which are imports.

Before we start putting on our Chicken Little suits, let's be clear: oil is not going to run out. But the era of cheap oil is probably over.

Canada's tar sands and oil shale do offer the world a possible new source for world oil exports. And what's being discussed in the U.S. House of Representatives is the need for alternative sources of energy.

Until replenishments or a replacement for oil is found, we need to carefully evaluate the fact that the U.S. relies heavily on oil reserves from the Middle East, where the U.S. is not popular.

So take a look at the facts in the article Top Ten Oil Countries. And think about the potential impact on the world economy.