ABSTRACT
Over the past 50 years, global economic growth, combined with greater specialization of national economies, has strengthened the web of global economic interdependence and contributed to an increased flow of capital and goods between countries. Data from Energy Information Agency indicates that US imports of crude oil and petroleum products from OPEC countries have fallen. In addition to development of biofuels, US have placed a greater emphasis on the development of other alternative technologies in an effort to reduce US dependence on oil from the Middle East and other overseas countries. Low Chinese prices and the cleanup from a radioactive leak contributed to closure of Molycorp. Japan's strategy in handling its dependence on rare earth minerals was intensified by the length of China's export restrictions. The move toward energy efficient technologies and demand for non-petroleum resources has gained strength over the past few years, but it is unclear whether it will gain the anticipated sustained momentum in the coming years.
