ECON300-Current Event #13

As the United States population and industry continues to grow, so does our demand for oil. While this news is nothing new to the majority of the population, many fail to realize the true impact our demand for oil has on the economy. The United States is currently able to produce 10.4 million barrels a day; however, the current demand is nearly double that. Analysts predict that if drilling restrictions around the nation were to be lifted, the US could be producing another 10 million barrels per day by 2030. The opposition argues that this will destroy the environment and the positive effects will be outweighed by the destruction to both urban and rural areas. It is a tough decision because it appears that our demand for oil will not be changing any time soon.
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