Tuesday, November 16, 2010
Tuesday, November 2, 2010
Retired Generals and Admirals Are Advocating For Less Dependency on Foreign Oil
Did you know that our reliance on foreign oil is about much more than just sustainability issues and climate change?
Consider the following:
· One Billion Dollars a Day Spent on Foreign Oil: In 2008, the United States imported 4.7 billion barrels of crude oil to meet our consumption needs. The average price per barrel of imported oil for 2008 was $92.61. This works out to $1.19 billion per
day for the year.2
· Our Annual Oil Debt Is Greater than Our Trade Deficit with China: Our petroleum imports created a $386 billion U.S. trade deficit in 2008, versus a $266 billion deficit with China. This national debt is a drain on our economy and an anchor on our economic growth.3
· We Overwhelmingly Rely on Oil Imports…: In 2008, we consumed 7.1 billion barrels of oil in the United States, meaning that the 4.7 billion barrels of crude oil we imported was 66% of our overall oil usage.4 About one out of every six dollars
spent on imports by the U.S. is spent on oil, representing 16% of all U.S. import
expenditures in 2008.5 According to calculations from the Center for American
Progress, U.S. spending to import foreign oil amounted to 2.3% of our overall GDP in
2008.6
U.S. Imported Crude Oil from Nations on State Department’s Travel Warning List – 2008 13
Country Crude Oil Imports Per Day (Barrels) Annual Cost of Imported Crude Oil
Saudi Arabia 1,529,000 $56 billion
Nigeria 988,000 $36 billion
Iraq 627,000 $23 billion
Algeria 548,000 $20 billion
Colombia 200,000 $7 billion
Chad 104,000 $4 billion
Syria 6,000 $200 million
Mauritania 3,000 $100 million
Democratic Republic of the Congo
1,000 $30 million
Pakistan 1,000 $30 million
TOTAL 4,007,000 $146.36 billion
Rebecca Lefton and Daniel Weiss, “Oil Dependence Is a Dangerous Habit”
Center for American Progress, January 13, 2010
2.) Information on crude oil imports and average price from U.S. Department of Energy,
Energy Information Administration (EIA). Note that the average price of imported oil
dropped to $58.85 per barrel in 2009, meaning that the price per day of our foreign oil
addiction also dropped compared to 2008. However, complete data for total imports in
2009 remain unavailable, making a specific calculation difficult.
3.) U.S. Census Bureau, Foreign Trade Statistics, Annual Report 2008.
13.) Rebecca Lefton and Daniel Weiss, “Oil Dependence Is a Dangerous Habit,” Center for
American Progress, January 13, 2010:
13.) Rebecca Lefton and Daniel Weiss, “Oil Dependence Is a Dangerous Habit,” Center for
American Progress, January 13, 2010:
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