Imported Oil Costs U.S. $33 Billion in July

As the price of oil climbs settles in above $100 a barrel, Americans continues to ship billions of dollars overseas to OPEC as we feed our dangerous addiction to foreign oil. Last month’s tally of $33 billion for imported oil works out to more than $700,000 per minute throughout the entire month of July.

An important element to this massive expense was the fact that the cost of imported oil rose more than $5 per barrel to an average of almost $108 per barrel. Here are the facts:

Total Oil Import Numbers By Month

July 2013 Total

306 million barrels of petroleum imported

50% of US supply

$107.93/barrel average price

$33.0 billion total cost of imports

$739,485.39/cost of imports per minute

May 2013 OPEC Imports

125 million barrels of petroleum imported from OPEC countries

41% of US oil imports

$12.9 billion total cost of OPEC oil