Oil Imports In July Highest in 18 Months

Joanna Schroeder

Foreign oil imports are up for the first time in 18 months according to the latest figures from the Energy Information Administration (EIA). The U.S. imported 65 percent of its oil, or 388 million barrels in July 2010, sending nearly $29.6 billion or $663,231 per minute to foreign countries. This is the highest number of barrels of oil imported in one month since January 2009.

T. Boone Pickens responded to the increase in oil imports in his monthly update and stated,” President Obama has pledged to eliminate Middle East oil dependence in 10 years, but the latest oil imports statistics show we’re not making much progress.  In July we imported 388 million barrels of oil, which is the highest total since President Obama took office in January 2009.”

He continued, It’s not hard to see that spending approximately $30 billion on oil month after month is hurting the economy. In fact, oil imports continue to make up more than half of the United States’ growing trade deficit.”

Pickens has repeatedly called for a comprehensive energy plan where natural gas plays a starring role, and is urging Congress to put energy back on the front burner when they return to D.C. in September.

Pickens is just one of dozens of organizations that have called for more effective energy policy but he is only one of few that focuses so heavily on natural gas as a replacement for liquid transportation fuels. Depending on what energy expert you believe, the country has either enough to last for hundreds of years, or for less than 20 years, if it is used as a primary fuel in the transportation sector.

Natural Gas, Oil