# US dependence on foreign oil growing – experts - Link: https://greenlivingguy.com/2005/05/us-dependence-on-foreign-oil-growing-experts/ - Published: 2005-05-25T14:32:00-04:00 - Author: greenlivingguy # US dependence on foreign oil growing – experts By Robert Gibbons 28 minutes ago NEW YORK (Reuters) – U.S. dependence on foreign oil dependence in crude will keep growing. That’s despite efforts to spur domestic production, as demand in the world’s largest energy consumer outpaces output, industry and government experts said Tuesday. “Most people expect that over the next couple of weeks we might see crude inventories begin to fall, because to maintain 10.5 million (barrels per day of imports) or more would be a high level,” he said. ![Oil rig Us dependence on foreign oil growing experts by robert gibbons 28 minutes ago new york reuters u S Dependence on foreign oil dependence in crude will keep growing That's despite efforts to spur domestic production, as demand in the world's largest energy consumer outpaces output, industry and government experts said Tuesday." Most people expect that over the next couple of weeks we might see crude inventories begin to fall, because to maintain 10.5 million (barrels per day of imports) or more would be a high level," he said.](https://i0.wp.com/greenlivingguy.com/wp-content/ uploads/2018/04/oil-rig.jpg?resize=300%2C200&quality=52&ssl=1 "oil rig. Deepwater Horizon . - The Green Living Guy")             As one bipartisan report shows: Estimates of the oil premium have fallen over time as the oil-intensity of GDP has declined. Also [price volatility and oil](https://greenlivingguy.com/2005/05/dow-closes-down-46-on-surging-oil-prices/) market disruptions are less pronounced than twenty years ago. So the private sector can now respond more flexibly to shocks. Recent estimates put the total premium at between around $0 and $14/barrel, equivalent to between 0 and 30 cents/gallon of gasoline; our best assessment is that the premium is around $5/barrel. Whether the premium will increase or decrease in the future is unclear. However the share of oil in US GDP will continue to decline while the imported share of US oil petroleum will continues to rise. One caveat is that studies of the oil premium could be biased downwards. In conclusion and as they do not account for certain geopolitical factors. Those most noteworthy that are not easily quantified. I mean such as the risk of [oil](https://greenlivingguy.com/2018/11/4-per-gallon-gas-energy-innovation-how-about-5-per-gallon/) supply sabotage by terrorists or the takeover of Saudi Arabia. As well  as other oil rich nations. Finally and by extremist governments willing to sacrifice oil revenues. Especially to inflict economic damage on the US. ![author avatar](https://secure.gravatar.com/avatar/df91669667126e1290c21ee0342c386e2da19d588d4d9ca6560bd82ed59a9641? s=300&d=monsterid&r=g) greenlivingguy The Green Living Guy, Seth Leitman is an independent power producer, a green living expert, and Editor of the McGraw-Hill, TAB Green Guru Guides. Seth is also an Author, Radio Host, Reporter, Writer and an Environmental Consultant on green living. The Green Living Guy writes about green living, green lighting, the green guru guides and more. Seth's books range from: # Build Your Own Electric Vehicle by Bob Brant and Seth Leitman (2nd and 3rd editions) # Build Your Own Plug-in Hybrid Electric Vehicle by Seth Leitman # Build Your Own Electric Motorcycle by Carl Vogel # Green Lighting by Seth Leitman, Brian Clark Howard and Bill Brinsky # Solar Power For Your Home by David Findley # Renewable Energies For Your Home by Russel Gehrke # Do-it-Yourself Home Energy Audits by David Findley # Build Your Own Small Wind Power System by Brian Clark Howard and Kevin Shea # and more green living books to follow. [See Full Bio](https://greenlivingguy.com/author/greenlivingguy/) [ ](https://greenlivingguy.com/author/greenlivingguy/)