Schlesinger: Prepare now for foreign oil dependence
Former Energy Secretary James Schlesinger says US dependence on foreign oil during the 1990s will return to the levels of the 1970s, when the country experienced shortages.
Speaking Friday to Americans for Energy Independence, Schlesinger, who was energy secretary during the Carter administration, predicted the US will once again rely on imported oil for half of its needs, much of it from the Middle East. Imports have fallen steadily since the 1970s, mostly because conservation and the recession dampened demand.
Schlesinger said the government should stimulate domestic natural gas production, encourage new energy technologies, and expand by several times its reserve of oil stored underground in Texas and Louisiana.