U.S. Spends $28 Billion on Foreign Oil in October

T. Boone Pickens has been tracking the amount of money America spends on foreign oil for over two years. The latest figures show the U.S. imported 58 percent of its oil, or 341 million barrels in October 2010, sending approximately $28 billion to foreign countries during the month of October.

The news doesn’t look like it will get better soon. Boone said,

“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.”

He added:

“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’ analysis was bolstered by the news agency Reuters which reported on Thursday:

“Oil climbed to 25-month highs above $88 a barrel on Thursday, lifted by increased demand in the world’s top two oil consuming nations and after OPEC revised up its 2011 demand growth forecast.”

Reuters reported that “oil prices are on course to rise further above a previous range of $70-$80 a barrel where they have mostly traded for a year.” A commodities analyst for Credit Suisse in Singapore was quoted as saying, “We think prices are on their way for a test of the $90 mark.”

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.

– The Pickens Team

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