Oil Research Project

Financial Instability Caused By Oil Usage The United States is run by oil. Energy, transportation, and even the economy are based and dependent on the various aspects of oil. Without oil the world would have to learn to change their whole formed idea of living juristically. “Ninety-five percent of the country’s transportation is powered by oil” (Anderson, Glen). The importance of oil causes the United States to be highly dependent on oil; this forces the U.S. into severe financial instability. Most Americans assume the changing gas prices are the source of the country’s economic unsteadiness; “Last year the average cost for a gallon of unleaded was $3.51, the highest on record” (Walsh, Bryan). There is a significant amount of economic problems that cause the constant uncertainty of oil and its prices, which affect much more than just gas prices. This includes “America’s addiction to foreign oil [that cause] a significant impact on our economy and our national security” (Moore, Kenneth J.). The exploitation of oil, which cause financial instability, is an issue the world must address because it causes an increase in the country’s debt, high dependency on foreign countries, and everyday life economic uncertainty. In the economy, oil usage is a very complex system, and it has factors that tie in with everyday life, as well as affect the country as a whole. For example, in America, the basic form of transportation such as cars, planes, boats, etc. are based solely on oil, thus affecting the country’s economy significantly (Moore, Kenneth J.). The level of dependency that transportation has on oil reveals how oil is important in everyday life, and raises the question: How would the U.S. be affected if there was even a minor shortage of oil? When it comes to the economy, oil is an exceedingly unreliable substance that should be better controlled because of its importance in the U.S. Furthermore, the constant demand for oil, even in the “sluggish global economy”, is

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