Do you think the demand in the U.S. for oil, specifically foreign oil, will ever be at zero? Why or why not?
While I do believe that American consumption of foreign oil will continue to decrease, I do not believe that it will reach zero in the foreseeable future.
Today, the United States imports about 40% of the oil that it uses. That means that the country would have to do some combination of reducing demand and increasing domestic production to the point where we could stop needing that oil. Since that oil accounts for almost half of what we use, this seems unlikely.
There are signs that our reliance on foreign oil will decline. We are using less oil now as we move towards greater energy efficiency. We are also using less oil because we have more natural gas available to us as a result of the rise in “fracking” technology. This will also work to reduce the amount of oil that we need.
However, to cut our energy use by 40% would surely be next to impossible in the foreseeable future. It does not seem possible that we could cut demand by that much or increase domestic production of oil by that much.