[MEMRI] Nimrod Raphaeli - Alleged U.S. dependence on Middle East oil is greatly exaggerated. With the help of its oil strategic reserves, its national production of oil and the availability of oil from two friendly neighbors, Canada and Mexico, coupled with the drive for developing alternative energy sources, the U.S. could muddle through with reduced Middle East oil for a long while. With world oil prices at their lowest level since 2004, the sharp decline in oil revenues will lessen the threat of pressure on U.S. foreign policy by oil producing countries as well as the threat of acquiring vital U.S. assets by foreign sovereign wealth funds.
2009-02-05 06:00:00Full ArticleBACK Visit the Daily Alert Archive