Oil keeps U.S. vulnerable, lawmakers told

WASHINGTON (Reuters) – The United States’ role as dominant global military and economic power hinges on secure access to crude oil, but U.S. politicians who call for “energy independence” are shouting into the void, experts told a U.S. Senate panel on Wednesday.

The U.S. economy will continue to rely on crude oil imports — which currently account for more than half the nation’s oil consumption — panelists said at a hearing before the Senate Energy Committee on global oil supplies.

U.S. politicians including
President George W. Bush say they want motorists to use more home-grown fuels like ethanol to replace imports from Middle East suppliers, including
OPEC powerhouse Saudi Arabia, a key U.S. ally.

Yet the idea of “energy independence” is a myth, and attempts to insulate U.S. consumers from world crude oil markets could actually drive up domestic energy prices, said Linda Stuntz, an energy attorney and former Energy Department official.

Reuters