Pete Domenici: “I concluded yesterday by putting a pricetag on our dependence on imported oil. Experts estimate that foreign oil will…”

“I concluded yesterday by putting a pricetag on our dependence on imported oil. Experts estimate that foreign oil will cost us $400 billion just this year. This expense will impact our economy in a number of ways, including our trade balance. In December 2007, imported crude oil accounted for 61 percent of the national trade deficit, or an all-time high of $36 billion. The trade deficit, propelled by high oil prices, has factored into the decline of the dollar. Yesterday, Fed Chairman Ben Bernanke testified that the cost of energy is being passed through and reflected in the increase in prices of core consumer goods and services. Other experts believe that increasing energy prices and lower economic growth could lead to a return of 'stagflation.' Our dependence on foreign oil also has a negative impact on job creation in America. The National Defense Council Foundation concluded that imported oil deprives the U.S. economy of more than 2.2 million jobs per year. Choosing to import oil to meet our energy needs exports more than our money--it also exports jobs.”