U.S. Cuts Foreign Oil Dependency

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For the first time in more than 30 years, the United States is reducing its dependency on foreign oil.

That trend is expected to continue.

Currently, the U.S. receives approximately 60 percent of its oil from other countries. That figure is expected to drop to 50 percent by 2015.

The Financial Times attributes the drop in part, to the increased use of ethanol and more efficient cars.

The government expects fuel efficiency to keep improving, as well as a substantial increase in U.S. biofuel production over the next 20 years.

Oil Continues Record Price Run

Meanwhile, oil spiked at a record high of $129 per barrel, Tuesday, with no signs of stopping its record run.

Concerns about the available oil supply has become the primary reason for the record increases. Even Saudi Arabia's promise last week of an additional 300,000 barrels of crude a day was not able to put the markets at ease.

The latest price surge comes after OPEC's president said his organization won't increase its output before its next meeting in September.

As oil prices reach new heights, so have gasoline and diesel costs.

"Average gasoline prices in the U.S. rose for an eighth straight week and for the 15th time this year, up 1.8 percent or 6.9 cents to a record $3.791 a gallon," noted Stephen Schork. "Gasoline at the pump is averaging 28.5 percent above last year's pace."

Drivers in some areas of the U.S., like California, are paying considerably more. Some motorists there have been shelling out $4 a gallon for weeks now.

Sources: The Financial Times, The Associated Press

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