Global Economy Plays Major Role in U.S. Energy Strategy
National Defense Magazine
The United States consumes 25 percent of the world’s petroleum but has only 3 percent of its reserves. Many advocates of “energy independence” cite that fact as a reason for abandoning foreign oil and relying on domestic renewable energy such as wind and solar. Others argue that “energy independence” means we should substitute domestic oil shale, natural gas and offshore fossil fuels. But both flavors of “energy independence” are based on false premises.

IEA warns oil will hit $200 a barrel by 2030
Wall Street Journal
International Energy Agency claims "current global trends in energy supply and consumption are patently unsustainable"Releasing its latest forecast, the Agency said that the recent fall in oil prices would prove shortlived and predicted that they would soon rebound back to the $100 a barrel levels seen earlier this year.The report said that while "market imbalances could temporarily cause prices to fall back, it is becoming increasingly apparent that the era of cheap oil is over," adding that "current global trends in energy supply and consumption are patently unsustainable".It also claimed that the oil industry will have to invest in excess of £16 trillion over the next 20 years to meet projected demand, as production from older fields declines and oil firms are forced to invest in more costly alternative supplies such as oil from tar sands.