Besides reducing the dependency on oil, bicycling can help to reduce obesity (specifically in consumption oriented US). There are many other health benefits from bicycling that increase physical and mental well-being. This would help lower overall long-term healthcare costs as well. The problem is the US does not have the infrastructure or acceptance of bicycles as a mode of transport. We are a bunch of lazy asses -- and it shows. Many European cities are much better designed in this regard (like Amsterdam).