While U.S. companies are among the world’s leader in energy-
efficiency technology and in oil and gas services, the United
States has yet to put these technological advantages to full use
domestically. Indeed, one of the glaring weaknesses of the U.S.
economy is its vulnerability to high energy prices and its
relative low energy efficiency, which during times of high oil
prices raises the cost of doing business, cuts into
discretionary consumer spending, and increases the trade
deficit. According to a study by IHS Global Insight, every 25
cents of a gallon increase in the price of gasoline—which is
equivalent to a $10.70 a barrel increase in crude oil—results in
a decline of .25 in annual GDP and the loss of 270,000 jobs. In
2010, crude oil imports accounted for more than $250 billion of
America’s trade deficit—or nearly 2 percent of GDP. With the
recent surge in oil prices, that number is likely to rise
significantly in 2011. Reducing the American trade deficit in
oil by half would therefore add almost 1 perc