February Oil Import Numbers Tell Harsh Truth
Despite the fact that America’s domestic energy production has surged, the U.S. continues to send billions of dollars overseas to pay for imported oil. In February, we imported a whopping 267 million barrels.
The price tag for this dangerous dependency was more the $30 billion. That’s $30 billion in cold hard cash that was taken out of our domestic economy and used to build other countries’ infrastructure, fund their growth, and invest in their government programs. And, as we all know, some of those countries can’t stand the U.S. of A. (but they take our money anyway).
For instance, in December, more than one-third of our imported oil came from OPEC countries. The price tag for our OPEC imports in December was $12 billion. But it doesn’t have to be that way.
Thanks to increased production of domestic oil and gas, America now enjoys some of the cheapest energy on earth. The President has called us “the Saudi Arabia of natural gas,” and rightly so. On the petroleum side, a barrel of oil from a U.S. well costs less $100.
But do you want to guess the average price of the 267 million barrels that we imported last month? $116 per barrel. Makes no sense, does it?
Read more HERE.