The US imports 25% of its oil needs. That means that the remaing 75% comes from US oil producers Wish you were right. But sadly, you're not. You're off by another 38.5% see the following excerpt from a recent Heritage Foundation report:
The National Security Consequences of Oil DependencyMay 14, 2007
The National Security Consequences of Oil Dependency
by Ariel Cohen, Ph.D.
Heritage Lecture #1021 (Delivered March 22, 2007)
The United States is the largest oil importer in the world, bringing in 13.5 million barrels per day (mbd), which accounts for 63.5 percent of total U.S. daily consumption (20.6 mbd).[1] Oil from the Middle East--specifically, the Persian Gulf--accounts for 20 percent of U.S. oil imports, and this dependence is growing. By 2017, the U.S. will be importing approximately 68 percent of its oil needs. Oil consumption represents 40 percent of America's energy needs, primarily used in ground and air transportation. The dependence of the U.S. and the global economy on oil is growing, which can have dire consequences for the economic well-being of the United States, our national security, and the American way of life.
My bad. I mixed up several numbers. The US imports 32% of its TOTAL ENERGY NEEDS (not total oil):
As the article correctly point out, 20% of our imported oil comes from the Middle East:
US Imports by country (top five - August '07 - '000 bbls/day):
CANADA 1,906
SAUDI ARABIA 1,468
MEXICO 1,381
NIGERIA 1,184
VENEZUELA 1,136
This is somewhat beside the point. The price of oil today is only partly based on the level of the dollar on world markets. Fear of a US attack on Iran and a Turkish invasion of Kurdish Iraq, Chavez's nationalization of Venezuelan oil production and continuing civil unrest in Migeria are playing a much greater role.
Still, the price of oil is below that of 1980, and the value of the dollar is above that of 1997.
Things will balance out. 65% of the world's currency reserves are dollars. Those countries do NOT want to see the value of those reserves evaporate.