Price of Oil Up $12.2 Billion From March 2010

Dallas – April 13, 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 72 percent of its oil, or 348 million barrels in March 2011, sending approximately $39.9 billion, or $922,912 per minute, to foreign countries.

“America’s spending on foreign oil is creeping back to 2008 levels, with prices now above $114 a barrel and rising. We have every reason to believe next month’s figures will be worse. To compare, the U.S. spent $18 billion on foreign oil in March 2009, $27.7 billion in March 2010 and now it’s up to $39.9 billion,” said Pickens. “Getting off OPEC oil and onto our own resources should be the number one priority in America. Worldwide, OPEC revenues for oil purchases this year will be $1 trillion. Our abundant supply of domestic natural gas can replace foreign oil at the pump immediately. Recently, President Obama acknowledged the threat to America’s energy security and just this past week, the NAT GAS Act was introduced into the House – HR 1830, which encourages more heavy-duty fleet vehicles to run on domestic resources. In less than a week, this legislation has nearly 160 bipartisan co-sponsors from across the country. A few weeks ago, President Obama recognized the value of this legislation and asked Congress to pass a bill that helps the country achieve the goal of reducing dependence on OPEC.”

“If you’re going to solve the foreign oil crisis you must focus on transportation – using our own abundant natural gas resources to fuel heavy-duty trucks can immediately reduce our dependence on OPEC oil; improving our national security while strengthening our economy. It’s time for the American people to call their elected officials and tell them to act now.”

The Pickens Plan to encourage more heavy duty fleet vehicles to run on domestic resources is included in the NAT Gas Act, which was just introduced in the U.S. House of Representatives by Congressman John Sullivan (R-OK), Congressman Dan Boren (D-OK), Congressman John Larson (D-CT) and Congressman Kevin Brady (R-TX). The legislation enjoys broad bipartisan support.