Crisis in the Oil Patch: How America's Energy Industry Is Being Destroyed and What Must Be Done to Save It - Tapa dura

The oil and gas industry contributes more tax revenues, directly and indirectly, to all units of government than any other single industry in America. But the government that profits so mightily from oil and gas has crushed the industry with tax hikes and restrictive environmental laws forcing investors, big business, and wildcatters to put their money and the jobs they create into the Middle East and other foreign fields. In 1992 alone, more than 47% of the crude oil used by the United States came from foreign imports. A new all-time high level of imports was reached in 1993 when 49.5% of the petroleum consumed in the United States was pumped from overseas wells. The alarming trend toward dependence on foreign oil poses obvious risks to national security and makes international crises like the Persian Gulf War a virtual certainty. Crisis in the Oil Patch combines the knowledge and experience of former Secretary of Energy Donald Paul Hodel and Dallas business writer Robert Deitz to show how our government has forced American dependence on foreign energy to dangerous levels. Using stories of people whose lives have been overturned by the decline of the U.S. industry, and startling statistics and public policy discussions, the authors detail a stripped industry that has seen ten times the job losses of the auto industry, but none of the public sympathy. Crisis in the Oil Patch explores the reasons why our domestic oil and gas supplies remain untapped, and why we continue to rely on foreign countries to supply the one resource vital to every facet of the American economy. It also explores the remedies and solutions for revitalizing the industry and reducing import dependence. By followingthe authors' prescriptions, the United States can once again gain control of its most important asset and ensure prosperity for our economy and the economy of the world.