February 16,
2011. In
his monthly update on the level of foreign oil imports in the
U.S., energy expert T. Boone Pickens said that based on the
latest figures from the Federal Reserve Economic Database, the
U.S. imported 62 percent of its oil, or 366 million barrels in
January 2011, sending approximately $ 32.6 billion, or $ 730.711
per minute, to foreign countries.
“The cost of our addiction to OPEC oil continues to increase and
January was no exception,” said Pickens. “The United States
spent $ 32.6 billion on foreign oil last month, up from $ 30.3
billion in December. In fact, January was the most expensive
month since September 2008, when the economic downturn began.
The reason for this increase is our continued economic growth
combined with cold weather creating more demand for heating oil.
“This problem is not going away. The recent turmoil in Egypt and
growing concerns about more crises in the Middle East are
showing us just how volatile oil prices can be.
Importing 62 percent of our oil underscores our
vulnerability and exposes us to risks in price spike and supply
instability. We’ll see gas prices hit $4 a gallon by this
summer.
“Our leadership should be looking for solutions which can begin
today, not 15 years from now. The answer is simple – natural
gas. Natural gas is the only alternative fuel currently at our
disposal that can power heavy duty fleet vehicles. Not to
mention, natural gas is cleaner, cheaper, abundant and it’s
ours. As we move into the spring and summer driving seasons, we
need to get a plan in place that starts reversing our dependence
on OPEC oil. Using natural gas to power heavy duty fleet
vehicles is a solution with bipartisan support. It’s time for
Congress to put an end to the billions of dollars being spent
each month on OPEC oil and enact legislation promoting our own
resources.”
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