"Last year, the United States imported approximately $100 billion worth of oil. Many people believe we should simply stop importing all oil (about half of our domestic consumption). One argument in favor of this is that this oil is only about 1% of our $10 trillion economy. Thus, it is argued, it would therefore be a small sacrifice to eliminate entirely our "dependence" on foreign oil, since the economy grows by over $100 billion each year, and therefore eliminating foreign oil would reduce our standard of living only to what it was a year or two ago. No big deal! Evaluate this argument."