U.S. Continues to Import more than 50% of its Oil Needs

In January, 2013 the United States imported 304 million barrels of petroleum at a total cost of $34.3 billion. The amount of oil imports was 54% of the total we used.

Over 70% of oil is used as a transportation fuel in the form of gasoline for most cars and light trucks or diesel for heavy-duty trucks and other vehicles.

Over the course of 2012 we imported a total of 3.9 billion barrels at a cost of $434 billion. To put this in perspective, the amount of money being cut from the Fiscal Year 2013 federal budget under the terms of the sequester is $85 billion – one-fifth of the amount we spent on foreign oil last year.