Chevron and its partners have struck oil in the Gulf, or so it would appear. In what could be one of the largest oil finds in recent memory, the US oil company has found a promising new well in the gulf. If predictions hold true, this discovery could boost domestic oil production by 50%.

This discovery also presents the US with a excellent opportunity, once the fields become operational, to wean itself off this dictator’s brew that is foreign oil. So much of the oil consumed in the US comes from questionable allies such as Saudi Arabia and avowed foes like Venezuela.

With America’s industrial prowess and technological skill there is no justifiable reason for the US to remain vulnerable and dependent on this crutch that is foreign oil. Unfortunately leadership in this country (left and right) remain stuck in a cloudy haze, refusing to embrace any approach and those that do suggest change only cling to a narrow view, which limits our flexibility.

The US should pursue a multifaceted approached with both short-term and long-term objectives. In the short-term we should strive to significantly boost domestic production, here are where discoveries such as this one in the gulf come in handy. The US and state governments can and should remove impediments to domestic production, thereby easing our dependence on foreign and gradually reducing prices. Domestic and foreign automobile manufacturers should also be encouraged to boost fuel efficiency and the development of new technologies that improve gas mileage, such as hybrid-electric vehicles.

In the long-term, this country should adopt a strategy, which eliminates our dependence on oil entirely, this would involve encouraging the development of oil alternatives such as fuel cells, ethanol, synthetic liquid fuels and so on. Industry should receive tax incentives to produce while consumers receive similar benefits to consume, this multi-faceted approach will ensure that the mullahs and madmen of the middle east and other oil rich tyrants don’t continue to hold us over a the preverbal barrel.
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