Oil and the U.S. economy Assignment Example | Topics and Well Written Essays - 750 words

Oil and the U.S. economy - Assignment Example The US remains very dependent on these foreign oil reserves for its functioning economy which leaves us helpless to disruption. The US consumes more than 25% of the world’s oil and this is going up by 2% every year; 57% of this oil being consumed is imported from Canada, Saudi Arabia, Venezuela, and Mexico (Churchill). What this means is the US is built around the use of oil for cheap, reliable energy. The US economy, from its most basic consumer base, cannot survive without it for very long. Despite the US’s clear dependence on foreign oil the US is less dependent on this oil as it was in 1973 and 1980. According to the New York Times, â€Å"the energy used for each dollar of gross domestic product in 1980 was almost 70 percent greater than it is today. While we have collectively wrung our hands over the decline of manufacturing in the country, it has also reduced the relationship between energy prices and growth† (Goolsbee). The US commuter is more dependent than ever though. People live farther from their work and drive more. Because fuel efficiency standards in the US stopped going up in 1990, fuel inefficiency creates a higher demand among US commuter for oil to fill their tanks. When oil prices go up dramatically like in summer of 2008 the US commuter was forced to make difficult choices, and the economy scaled back because the consumer was left in shock by such high prices. This oil shock was right before the economic downturn (Panzner). On the stock market commodity prices and stock prices have an interesting relationship. When commodities go down in value, stocks usually go up in value (Mitchell). This relationship causes some people to look at oil prices in relation to the US economy as a whole when thinking about where the US economy will be going. Oil prices are a big commodity that many analysts look at, and if oil prices change, commodities in general change. This is because oil

Are American cultural myths just that--Myths Research Paper

Are American cultural myths just that--Myths - Research Paper Example This myth can be traced back to the origin of America. However, in today’s scenario, how much this myth still holds true today will be considered in this paper. America originated to provide opportunities to its entrants; however, it has not fulfilled its promise to its full extent. This fact cannot be denied that America accommodated all who entered its territories but the resident will see progress and success is not wholly true. Franklin Benjamin, in his article, â€Å"America as the Land of Opportunity† (1751), explains that America was a new land, which had space for many entrants and offered people with their bright futures. The land was very accommodative and the level of people’s profession increased with their struggle in the profession as Franklin Benjamin (1751) informs that America was a place, â€Å"where no Man continues long a Laborer for others, but gets a Plantation of his own, no Man continues long a Journeyman to a Trade but goes among those n ew Settlers, and set up for himself† and so on. Every person who entered the new land had an opportunity to see himself and his family prosperous and successful. American dream is an interrelated term with the myth of America as a land of opportunity. ... There was chance for one’s family to receive better educational, health and other facilities. The American dream allowed the new settlers to enjoy their lives the way they liked. They were given all the opportunities to lead a happy life with all the facilities that they required. There were no restrictions for the new settlers in terms of exercising their religious practices, promoting their cultures and making use of their own languages due to which, America is a multicultural country today where we can find people from diverse cultures all over the world (Cullen 126). This provides the original definition of America as a land of opportunity. Eighteenth century saw the early settlers in America while with the passage of time, people from different nations came for settling purposes to America (Brueggmann 51). These people also showed interest towards transforming their luck. They had high rated ideas about their future success and development. America as a new land offered i ts dwellers with all the chances that it could provide. However, when people assembled in America to a large extent, they faced the same deprivations as others faced in their own countries. Pete Davis (2009) explains about America’s being a land of opportunity as an image that is incorrectly built as he informs that other nations provide better facilities to their residents in terms of mobility as compared to America. People are not able to transform their status altogether because of economic problems that shift from one generation to other. According to Pete Davis (2009), â€Å"if you're born poor in America, you're likely to remain poor† because