Agricultural Economics Department

 

Date of this Version

August 2007

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Published in Cornhusker Economics, 08/22/2007. Produced by the Cooperative Extension, Institute of Agriculture and Natural Resources, Department of Agricultural Economics, University of Nebraska–Lincoln.
http://www.agecon.unl.edu/Cornhuskereconomics.html

Abstract

President Bush has noted that the U.S. is “addicted” to oil and other fossil fuels. This observation is well-founded: In 2006, the traditional fossil fuels of coal, natural gas and petroleum accounted for nearly 86 percent of all energy usage in the country, with petroleum alone accounting for nearly half of the fossil fuel use (see: http://www.eia.doe.gov). Unfortunately, it doesn’t appear that this country’s thirst for fossil fuels will be quenched anytime soon, as projected total energy consumption in the U.S. is expected to increase 1.3 percent annually through the year 2030. This expected rise in consumption will lead to ever higher fossil fuel prices.

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