Oil Imports Up: Highest in 18 Months
T. Boone Pickens has released his monthly report on oil imports and the news isn’t good. According to the U.S. Department of Energy the U.S. imported 388 million barrels of oil in July. According to the Pickens Plan release:
“The U.S. imported 65 percent of its oil, or 388 million barrels in July 2010, sending approximately $29.6 billion, or $663,231 per minute, to foreign countries. This is highest number of barrels imported in one month since January 2009.”
That means the July imports are the highest full-month totals since President Obama took office on January 20, 2009.
Pickens said that oil imports continue to make up more than half the United States’ trade deficit.
“The only way we are ever going to see these figures come down is to enact a comprehensive energy plan. It is imperative for Congress, when it reconvenes in September, to put energy at the top of the agenda.
Natural gas is the obvious answer to end our addiction, providing an immediate solution to replace foreign oil used for transportation. Using natural gas in heavy duty fleet vehicles is an idea both sides of the aisle agree on and it’s time for our elected officials to act,” Pickens said.
– The Pickens Team