U S  Oil Imports

The price of oil is a very important and volatile resource in our economy. Oil has many different functions that are either used as a final or intermediate good for our economic functioning. How do you think the United States should deal with the vulnerability of importing oil? What impact does OPEC have on the price of oil when the US, one of the largest importers of oil, is experiencing either a recession or economic growth? Why would a recession make the cartel more vulnerable to price cutting? In your answer, make sure to discuss how the control of OPEC will allow more alternative energy sources to be researched and what impact this has on the governments’ role.