U.S. Spent Over $25 Billion on Imported Oil in August

Transfer of Wealth Reaches Highest Point Yet For 2009 As Oil Pushes Trade Deficit Higher

Dallas - September 10, 2009 -In his ninth consecutive monthly update on the level of foreign oil imports– on the same day the U.S. Department of Commerce announced the biggest increase to the trade deficit in 10 years, largely due to surging purchases of oil– energy expert T. Boone Pickens said the U.S. spent more money importing oil in August than any previous month in 2009.

Pickens said that based on the latest figures from the U.S. Department of Energy’s Energy Information Administration (EIA), the U.S. imported 60 percent of its oil, or 355 million barrels in August 2009, sending approximately $25 billion, or $564,201 per minute, overseas to foreign governments.

“As OPEC holds steady on its goal of sustaining $75 oil, the U.S. sent over $25 billion overseas to pay for it in August-more than any other month in 2009, so far,” said Pickens. “It’s a threat to our national security, and it’s not helping our economy recover. Oil accounts for over 65 percent of the U.S. trade deficit, which just had its biggest percentage increase in a decade. With unemployment up and hovering near double digits, there is no more important time to harness our natural resources, like natural gas, to replace foreign oil at the pump and keep jobs and dollars on American soil.”

The NAT GAS Act of 2009, H.R. 1835, was introduced in the House of Representatives on April 1 and has 83 bipartisan cosponsors. The Senate version of this bill, S. 1408, was introduced on July 8 by Senate Majority Leader Harry Reid and Senators Robert Menendez (D-NJ) and Orrin Hatch (R-UT).

Pickens continued, “It’s back to business in Washington– call your leaders today and tell them you want true energy reform now.”

Since January 2009, the U.S. has imported more than 2.9 billion barrels of oil. A study released in June by the Potential Gas Committee, a group of academics and industry specialists supported by the Colorado School of Mines, estimates that we have more than 2,000 trillion cubic feet of natural gas reserves, the only available source that could immediately replace foreign oil as a transportation fuel.

– The Pickens Team

Comments4 Responses to “U.S. Spent Over $25 Billion on Imported Oil in August”

Allen Silkin


where is our townhall meeting on this subject... i think this whole subject is get put under the rug...

Lee Taylor


A note to Richard Barnard, new Friend at Pickens Plan Hi, Richard, Re Pickens Plan, I spend some time thinking about what is happening in the world, and why. The thing that comes across to me is that much of our world, as we now have it, just kinda "evolved", in the easiest way that was possible. And the thing that is the easiest, is to just improve on what we were already working on. Doesn't matter that much what it is, it is easier to "improve" on something, than to start over with something that makes more sense. That is where I feel we are with energy. When motor vehicles started out, their energy needs were pretty basic, and the crude fuels for them came on line at just about the same time. Fuel technology developed at the same time as the needs, and it was both plentiful, and available, as long as we could produce enough of it to keep it cheap, and the economies of scale followed so that we could do that. And an entire economy followed. One that has a tremendous investment financially and scale-wise. Half the world, one way or another, now depends on delivering that stinky stuff to our cars. AND KEEPING THAT SYSTEM WORKING, so that the investment can be recouped. However, there are so many things that make that make petroleum fuels not overall desirable now. WE WILL PROBABLY NEVER ELIMINATE PETROLEUM FUELS, there are many, many uses that are not easily changable, (aircraft use, for one major application), but two things become so incredibly important now. First, we are spending WAY too much of our money overseas to acquire the excess oil that we need to feed our totally petroleum-based economy. Sending money overseas, money that does not regenerate the American economy. Money that is just plain lost to us, and buying a product that is totally expended. That's just plain foolish, when, with some rather minor changes to the way that we utilize our energy assets, we can just about eliminate oil importation. And I am only concerned about supporting the American economy, not providing all our assets to an Arab world. Especially an Arab world that supports activities like 9/11. It is OUR money that supplied the money to support that activity. That's just plain stupid of us. We have "enough" oil in the US to supply our necessary needs, if we can cut down on the overall usage. Only by restricting the growth of petroleum usage can we keep the costs of it under control. We are not doing that right now. Use is exceeding availability, and costs rise exponentially with that fact. Second, petroleum fuels used to the extent that we use them now, have tremendously destructive side effects Incredibly complex, and environmentally, financially destructive. If you have ever actually looked at an oil refinery, you will be amazed to understand how gasoline and other fuels can possibly be produced by these unbelievably complex factories at anywhere even remotely affordable prices. It is all economies of scale----we can afford to build these kinds of incredibly complex systems, IF we continue to consume the quantities of fuels they are capable of producing. But that kind of investment can be so much more efficiently utilized to produce other kinds of energy. It takes a windmill to produce electricity. It takes a filter, and a compressor to produce CNG. That statement is overly simplistic, but In comparison to what it takes to convert oil into its usable products-------------------------------There is no way in the world that an alien studying the Earth could ever comprehend why we would use petroleum as a fuel, when there are so many other, MUCH EASIER energy sources available. Cheaply, and cleanly. The reason that we keep using petroleum as fuels is because the investments have already been made. The money has been spent, and now the profits from that money depend on continuing to use the volumes that make the profits possible. My feeling is that we can no longer afford to keep increasing petroleum usage, when other much more practical energy sources are now available and do-able. And we need ALL energy resources, INCLUDING OIL, to continue increasing our lifestyle comforts. And that's what it is all about. Making life as comfortable as we can, economically and in a manner that isn't so destructive to our environment. Lee Taylor

KENN DRESCHER


Boone is calling on US to support the: NAT GAS Act of 2009... We need to call on Mr. Pickens to support the: The FRAC Act, which removes the BU$H Safe Drinking Water Act exemption, BEFORE we support the NAT GAS Act! Excellent, expansive, non biased coverage of the FRAC Act may be viewed at: http://www.propublica.org/feature/frac-act-congress-introduces-bills-to-control-drilling-609

John Howard Burch II


In addition to our Congressional members I also sent my copy to President Obama and told him that I had sent it to Congress for their actions.

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