This paper examines the consequences of U.S. dependence on foreign oil. Stephen P. A. Brown and Ryan T. Kennelly use an encompassing approach that includes many ideas about the costs arising from U.S. dependence on foreign oil, but they identify which ideas have broad support in the economics literature and which ideas have limited support. Consistent with that approach, they quantify the costs of U.S. dependence on foreign oil using a relatively broad metric that is based in a long-standing economics literature and a relatively narrow metric that is confined to oil-security externalities as defined by Brown and Huntington (2013). They estimate these costs from 2010 through 2035 by taking into account projected world oil market conditions, the exercise of market power, probable oil supply disruptions, the market response to oil supply disruptions, and the resulting U.S. economic losses.