In January 1977, the awful day arrived. U.S. petroleum imports passed the magical 50% mark. Yet somehow the world failed to end. Now, with U.S. net imports comprising only 20% of our usage (including NGLs), the supposed energy dominance of the United States found us still turning to Saudi Arabia rather like Dicken’s Oliver Twist asking, “Please, sir, might I have some more?” Needless to say, critics of the president have latched onto the apparent contradiction, but frankly, the U.S. dependence on oil imports has always had a largely symbolic effect on our security.
