Final answer:
In the United States, about 25% of the oil used in the economy was imported in 2009, reflecting the country's dependence on foreign oil. In the 1970s, domestic production satisfied 70% of U.S. consumption. The establishment of the Strategic Petroleum Reserve and the rise of shale oil production via fracking represent significant factors in U.S. energy policy.
Step-by-step explanation:
The student's question pertains to the portion of oil that the United States imported at the time referenced in 'The Prize,' which covers the history of the global oil industry. According to the provided information, approximately 25% of the oil used in the United States economy was imported in 2009. In the context of 'The Prize,' this data reflects the substantial dependence of the United States on foreign oil, which has significant geopolitical and economic implications.
During the 1970s, domestic oil production accounted for about 70% of the nation's consumption. The Strategic Petroleum Reserve was created in 1977 as a response to oil disruptions, signifying the importance of oil imports to the U.S. economy and the need for emergency stockpiles. Moreover, the increasing role of shale oil and fracking extraction techniques highlights the shifting landscape of U.S. domestic oil production.