Dependence on oil creates national security issues. There’s too many people who have got oil that may not like us.
—George W. Bush, 2007
Importance: The world oil market means we gain little from producing more oil or ethanol—it helps everyone in the world the same. But conservation works for both climate and security.
Main Ideas: • The world oil market controls the price of all liquid fuel. • This includes the price of ethanol in Iowa. • So ethanol cannot protect against oil price shocks. • Conservation does protect us from oil shocks.
