The sad part is that if the US had instituted a real energy production program ten years ago, it would probably be in the position of being able to make up the difference.
OPEC accepts only dollars for oil
we remain big consumer by discouraging domestic production
to keep our purchases high and prices high for the benefit of our Gov and the oil producing states. We promise to use our armed forces to protect the oil producing nations against outside threats.
Benefits: US keeps lots of dollars off shore chasing oil contracts, and
US Dollar remains World's reserve currency for a bit longer.
Prediction: When USD no longer World's Reserve Currency, oil boom will begin at home. Hyperinflation when the dollars come home to roost.
Perhaps WWIV could stay the inevitable collapse.
Spend your excess dollars before they are worthless! Why do you suppose USG is on a spending binge? They know what they have done.
Simple.