The United States has led the world in oil production and refining for most of this century. Early development and use of innovative technologies by domestic oil companies resulted in indisputable technical dominance. Today the United States is considered a mature oil province where easily found, produced, and processed oil is rapidly being depleted. Although production is decreasing, the remaining domestic oil resource is large enough to maintain the United States as a top petroleum producer for the foreseeable future, if cost-effective technology and prudent energy policies are applied. Unfortunately, the domestic demand for cheap, abundant oil has risen over time to twice the production capability of the domestic oil industry. This leaves the country dependent on foreign oil, a situation that adversely affects the balance of trade and domestic jobs.