Debt, security, and oil

“If we let the world know that we’re going after every drop that we can responsibly gather, and let the world know that we are going to be the least reliant country in the world on oil…we would send a ripple throughout the world,” said Senator George Voinovich (R-Ohio) during a telephone conference on energy independence and national security.

“We wouldn’t need to be at the mercy of other people. It wouldn’t impact our foreign policy decisions as it does today.”

Voinovich made the case that the combination of the country’s debt and reliance on foreign oil received from hostile nations has created a security concern that neither presidential candidate has properly addressed.

“The problem that they’re not talking about is that 51 percent of the debt is owned by foreign countries…70% of it is being bought by the Chinese, the Japanese, and the OPEC nations.”

Voinovich likened the situation to a business whose competitors have a supply that’s in demand and control of their debt. He said that under those circumstances it was doubtful it would be in business much longer.