Dependence On Foreign Oil Essay

Dependence On Foreign Oil Essay-2
Since Venezuela's nationalization of oil, anti-American Hugo Chávez threatened to cut off supplies to the United States more than once. This has been done to apply pressure during economic negotiations—such as during the 2007 Russia–Belarus energy dispute.

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Proponents of the pipeline say it will lessen dependence on foreign oil while creating jobs.

But environmental groups and many Americans — especially Native Americans — remain furious about the project.

Nebraska regulators on Monday approved Keystone XL, a 1,180-mile-long (1,900-kilometer) extension of the existing Keystone Pipeline operated by Trans Canada Corp.

But the 3-2 vote in favor of expanding the pipeline followed a leak of 210,000 gallons of oil just days before.

C., warns, "It may take only one asymmetric or conventional attack on a Ghawar Saudi oil field or tankers in the Strait of Hormuz to throw the market into a spiral." New threats to energy security have emerged in the form of the increased world competition for energy resources due to the increased pace of industrialization in countries such as India and China, as well as due to the increasing consequences of climate change.

Increased competition over energy resources may also lead to the formation of security compacts to enable an equitable distribution of oil and gas between major powers.

Beyond the risk of spills like the one this week, the project’s steep environmental costs also include the potential industrialization of 54,000 square miles of Alberta wilderness.

“The scale and severity of what’s happening in Alberta will make your spine tingle,” Robert Johnson, a former Business Insider correspondent, wrote after flying over the Canadian oil sands in May 2012.

However, the uneven distribution of energy supplies among countries has led to significant vulnerabilities.

International energy relations have contributed to the globalization of the world leading to energy security and energy vulnerability at the same time.

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