The following part is worth noting:
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What I want to comment on is that of the cumulative -$4.2 trillion trade deficit since 2000, $1.2 trillion of that deficit has come from oil imports. Oil imports represent 29% of the cumulative trade deficit since 2000!
Addicted to oil, you better believe it! We have shipped $1.2 trillion dollars to Mexico, Canada, the Middle East, and Venezuela to purchase a product that doesn’t last, that returns no dividends, no income, no return on investment -- it’s completely consumed! In contrast to our country exporting our dollars overseas for a consumable product, the nations receiving our dollars invest them into their economies to improve productivity, quality of life, or they recycle them back into our country buy buying our treasuries where they receive interest on their investment.
We ship our dollars (wealth) overseas for oil and then to compound the wealth transfer, our government pays interest to foreigners on this exported wealth when they buy our treasuries, shipping even more of our wealth overseas. Who do you think is the loser and winner in this trade?We have nothing to show for the money we ship overseas as our wealth is transferred to oil exporting nations and what we buy is consumed. These nations are building wealth while we consume it! By improving our alternative technology industries here in the United Sates and reducing our dependency on foreign nations exporting oil to us, we will be able to keep more and more of our dollars within our borders and recirculating within our economy instead of making other nations wealthy at the expense of our dependency.
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