The Cost of America's Oil Habit
For what America will spend on imported oil this year, you could buy General Motors 150 times over. You could pay for the Pentagon's 2008 budget, or buy all the homes now in foreclosure, or pay 10 years in advance all the nation's delinquent mortgages, contends Eyal Aronoff.
Aronoff is the co-founder and ex-CTO of Quest Software. In this exclusive video he puts America's imported oil bill in perspective. Unlike the money we spend on defense or healthcare, money that largely stays in the country, the hundreds of billion of dollars that flow out of the country to pay for imported oil seldom returns and then usually only in the form of foreign investment in American assets, assets that could ultimately be owned and controlled by outsiders whose interests may or may not be aligned with the country's.
Due to time constraints during the Set America Free conference in Chicago, Aronoff was compelled to cut short his remarks.
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