if we did not buy foreign oil for one month what kind of impact would it have?

Answer 1

Your grocery store wouldn't have groceries, you wouldn't drive anywhere, you wouldn't fly anywhere, and everything that uses oil (petrochemicals) as a raw material; aspirin, plastic Coke bottles, tires, you name it wouldn't be produced.

Answer 2

The cost of gas will increase.
The OPEC nations will lose money.
We will drill for oil in the National Parks and possibly in major cities to find more.
It would have a direct impact on our economy. The price of oil is based on the dollar, so if we don't buy any foreign oil, the OPEC nations would probably switch to the EURO and the dollar would tank. It would become worthless and our economy would collapse.

In international trade, countries would demand payment in gold. Our gold would not support our economy which is why we don't use it to back up our money. We have Federal Reserve Notes which are based on faith.

Given that our economy would collapse, we could possibly turn into a 3rd world country. Or at least we would not be so rich anymore and the money we have would be useless.

We rely on foreign oil more than you think.

Answer 3

I believe the Strategic Oil reserve has enough to supply us for a month. If fully tapped, oil prices would still go up sharply, and we would almost certainly have a sharp recession from a reduced economy, but since it's only a month, that would be about it.

Answer 4

OUR economy would collapse. No oil means no heating, no electricity, no transportation. How would you get food to eat? Water to drink?

Answer 5

Not good!!!!! If it were sudden we would feel the effects, rationing etc. If it were planned there would still be rationing etc. We are still many, many years away for not being dependent on oil.