U.S. Spent Another $37 Billion on Foreign Oil in August
The U.S. spent $37.8 billion importing 333 million barrels of oil in August according to reports from the U.S. Department of Energy. That represents about 56 percent of all the oil used in August.
Our imports are averaging 329 million barrels a month which is a 3.6 percent drop from a year ago. Analysts suggest this might be a reflection of a continuing weakness in the U.S. economy and additional domestic supplies.
A dark spot on these data are reports that our dependence on Saudi Arabian oil is actually increasing as we compete with world-wide supplies with China, India and other large developing economies.
– The Pickens Team