“Americans spent 10 times as much on imported oil in the month of June than all the investment in new U.S. ethanol producing capacity for the entirety of 2007,” U.S. Sen. Dick Lugar said today.

 

Trade data released by the U.S. Census Bureau today showed that the U.S. spent $45.207 billion on oil imports for the month of June, up from $40.36 billion in the month of May, also $20 billion more than was spent in the month of June 2007 ($26.723 billion).

 

Investment in new U.S. ethanol capacity during 2007 was $4.47 billion according to the Renewable Fuels Association.

 

“Oil imports also accounted for 80 percent our $56.8 billion trade deficit for the month,” Lugar said.

 

The U.S. imported 382.7 million barrels of oil in June, 31.5 fewer than a year ago. The U.S. domestically produced about 160 million barrels of oil in May (the last month on record). The U.S. produced roughly 18.5 million barrels of ethanol in May. The full trade report is available at: http://www.census.gov/foreign-trade/Press-Release/current_press_release/press.html. The oil production reports are available at: http://www.eia.doe.gov/oil_gas/petroleum/info_glance/petroleum.html.

 

For more than a decade, Lugar has stressed the strategic importance of energy security and the economic and security risks of dependence on oil. His legislative efforts promote sustainable energy production and use, incentives for renewable fuels like cellulosic ethanol and E85, increased fuel economy in cars, and clean coal. 

 

The Lugar Energy Initiative at http://lugar.senate.gov/energy highlights not only the repercussions of America's dangerous dependence on imported oil, but also provides information on energy legislation introduced by Lugar, commentary by outside experts and information on alternative and renewable energy sources.