Is American Energy Independence a Myth?
America's energy boom is creating a lot of hype around the possibility of energy independence. Unfortunately, reality may not live up to the hype. The chances that we will be able to cut ties with the global oil market are very slim, so we will continue to do business with foreign countries to import oil for the foreseeable future.
Crude oil is a very intricate global commodity, and the type of we're finding doesn't meet the optimal range for refineries in the United States. Ultimately, this means that even if we're able to produce more oil than we're able to consume, we will still need certain types of oil to make our operations run smoothly. Besides, if we can buy oil from another country for less than what it costs to make it, then why not?
Tune into the following video for the conversation with Fool analysts Joel South and Michael Olson as well as Fool.com contributor Tyler Crowe, as they discuss the myth of energy independence and why the complexities of the oil market will hamper any chances that it will happen.
The article Is American Energy Independence a Myth? originally appeared on Fool.com.Joel South owns shares of Schlumberger. Michael Olsen, CFA, and Fool contributor Tyler Crowe have no position in any stocks mentioned. The Motley Fool recommends Chevron, Halliburton, and Petrobras. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.