12 Feb '12, 1pm

Living on Earth: U.S. Becomes Net Energy Exporter

Living on Earth: U.S. Becomes Net Energy Exporter

PODESTA: Well, I certainly believe it does, I think there are several dimensions to that. First of all, the stranglehold that we have from our oil suppliers will be reduced or eliminated, as we become energy sufficient. And secondly, the fact that most people don't realize, I think, is that half of our trade deficit comes from importing oil. So that money could be kept home, used home, invested at home, creating American jobs, rather than sending it overseas. You know, sometimes these statistics are confusing 'cause oil is imported, refined, and then exported, but for the first time in 20 years we’ve, overall, our production is about 50 percent of our consumption.

Full article: http://www.loe.org/shows/segments.html?programID=12-P13-0...

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