Following an alarming spike this spring that sent gas prices north of $4 a gallon across the United States, the cost of a barrel of oil has finally declined over the past two months. Though the prices have fluctuated due to economic concerns such as the debt crisis in Europe and weak job numbers in the U.S., Saudi Arabia–the largest oil exporter in the world–has carefully maintained production in order to stabilize prices.
Aside from the Keystone pipeline debate, there has been little recent discussion on energy independence in Washington or in the Obama and Romney campaigns. R. James Woolsey, former head of the Central Intelligence Agency, suggests we should start to open the discussion once again, considering American dependence on foreign oil requires us to borrow $1 billion a day.
R. James Woolsey: OPEC’s Cartel and Its Oil Monopoly from American Jewish Committee on FORA.tv
