The US economy needs oil like a junkie needs his fix. There are no two ways about the fact that the US economy is heavily dependant on oil and an oil crisis can shake its very foundations or give it the shakes if we are to continue with the junkie metaphor.
According to the American Petroleum Institute, the US demand for petroleum products has climbed 7.3% in the first quarter of 2011 alone and now stands at 20.5 million barrels per day.
These statistics shed light on the fact that “The Oil Factor” cannot be discounted when discussing American policy matters, be it domestic or foreign. It is common knowledge that the military-industrial complex played a large part in animating concerns surrounding the American war on terror just like American energy needs are now fuelling its interference in the Middle East.
No American administration can escape these concerns as the corporate lobby is very influential in the country and economic policies can make-or-break electoral showing. The Obama administration too is now continuing the Bush-era policies on the Middle East, tax cuts, budgetary spending, military policy and allied matters now that the 2012 elections are looming. These corporations bankroll the candidates and thus wield extensive influence on American policy making.
Access to oil not only gives immense profits to these corporations but it also gives America a geo-political hold over regions. The US needs to keep pumping oil into its bloated economy and thus, this is a question for its survival. What it does to the rest of the world in the process is obviously an unnecessary corollary.
SAMINA A
Lahore