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Energy independence – reality or myth?

Shutting down California's offshore oil rigs would be costly. STF/AFP/Getty Images

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In his last few days in office, President Obama has been working on his environmental legacy. Most recently he banned offshore drilling in ecologically sensitive parts of the Arctic and the Atlantic Ocean. Industry and opponents will undoubtedly challenge it in court — they are already arguing that it comes at a cost to affordable energy and energy independence.

But how real is the vision of energy independence? And is the idea of zero oil imports achievable or even desirable?

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