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Pros:

  • By using foreign oil, a country can preserve their own oil reserves for later use.
  • Since oil production does have some ecological impact, the impact is shifted to foreign lands - at least until the foreign source runs out or is otherwise cut off.
  • Foreign oil can be cheaper than production of domestic oil - currently this is the case will oil from most of the countries that are net oil exporters.

Cons:

  • When a country depends on foreign sources of oil, it becomes somewhat beholden to the political agenda of the country supplying the oil.
  • Supply of oil from foreign sources is also out of the control of the country importing oil, so continuing supply is less certain and more prone to interruption.
  • Currently some of the money being paid to OPEC nations is being diverted to finance terrorism against the nations that are buying the oil.
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