Total U.S. Spend on Foreign Oil Rose to $28 Billion for Month of October
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 58 percent of its oil, or 341 million barrels in October 2010, sending approximately $28 billion, or $626,433 per minute, to foreign countries.
“Despite a slight drop in demand, U.S. spending on foreign oil rose last month. With prices now above $85 a barrel and rising, we have every reason to believe next month’s figures will be worse,” said Pickens. “Last December I correctly predicted oil would reach $85 a barrel by the end of 2010. In 2011, you’ll see oil hit $90-$95 a barrel, and it could get as high as $100 a barrel. Getting off OPEC oil and onto our own resources should be the number one priority in America. Our abundant supply of domestic natural gas can replace foreign oil at the pump immediately. President Obama acknowledged that addressing our energy future may very well be one of the only legislative priorities his Administration can tackle given the results of last week’s midterm elections. There is no reason to wait until the next Congress is sworn in—the time to act is now.”
Pickens’ plan to encourage more heavy duty fleet vehicles to run on natural gas is included in several pieces of legislation, including The NAT GAS Act (H.R. 1835 and S. 1408), the American Power Act (S. 1733), introduced by Senators John Kerry (D-Mass.) and Joe Lieberman (I-Conn.), the Next Generation Energy Security Act (S. 3535), introduced by Senators Saxby Chambliss (R-GA) and Richard Burr (R-NC), the Clean Energy Jobs and Oil Company Accountability Act, introduced by Senator Harry Reid (D-NV) and the Promoting Natural Gas and Electric Vehicles Act of 2010 (S. 3815), introduced by Senator Reid.