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Time to Take Energy Independence Seriously

Great article via the Stonegate Institute titled “Taking Energy Independence Seriously.”  Worth a read:

At year end, 2011, as Americans emptied their wallets at the gas pump and crude oil reached almost $100 a barrel, OPEC kingpin Saudi Arabia reported an $81.6 billion 2011 budget surplus.

The White House action at the same time was to ask Congress to increase our debt ceiling by $1.2 trillion to $16.4 trillion to cover budget deficits.

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Nations decline and fall when their economies and monetary policies are incompetently managed. Unfortunately, it appears to be a lesson lost on too many of our leaders who have allowed the very stability of our nation to be imperiled by budget deficits and mounting debt. Our leaders have also failed on Energy Independence, allowing the cost and supply of the strategic commodity of oil to be controlled by foreign nations.

The ominous linkage between cyclical recessions and our repeated failure to achieve energy independence and oil price stability has caused much hardship on our citizenry and severe damage to our economy.

The historical evidence is clear. Whenever oil prices spiked as they did between 1972-1980, and then again between 2003-2008 and beyond, recessions in America followed.

Read the full piece here.

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