U.S. Spent $39 Billion on Foreign Oil in June

In his monthly update on the level of foreign oil imports in the U.S., energy expert T. Boone Pickens said that based on the latest figures from the Federal Reserve Economic Database, the U.S. imported 60 percent of its oil, or 343 million barrels in June 2011, sending approximately $39.0 billion, or $902,877.43 per minute, to foreign countries, including OPEC nations that ultimately threaten U.S. national security.

In issuing the report, Pickens called on the U.S. House of Representatives to address the threat by scheduling hearings on the NAT GAS Act, HR 1380, the bipartisan legislation sponsored by U.S. Reps. John Sullivan (R-OK), John Larson (D-Connecticut), Dan Boren (D-Oklahoma) and Kevin Brady (R-Texas).

The NAT GAS Act encourages the use of domestic natural gas to fuel heavy-duty vehicles, simultaneously improving our national security and strengthening our economy. The legislation currently has 182 bipartisan co-sponsors from across the country – including Tea Party members from the Republican Study Committee; the Black Caucus; and, the Blue Dog Coalition. Additionally, President Barack Obama has declared his support for using natural gas to wean America off OPEC oil and secure our energy future.

Commenting on the June oil numbers, Pickens offered the following statement:

“In these challenging economic times for so many Americans, it is hard to believe that our leaders continue to rely on OPEC oil when we have a domestic resource in natural gas that is cheaper, cleaner, more abundant and can be used right now,” said Pickens “When you spend more than $900,000 a minute on foreign oil, it is no wonder why we have a fiscal crisis.”

“Using domestic natural gas means jobs and it will improve our economy. Over the last decade, we spent $1 trillion on OPEC oil. Over the next decade, we will spend $2.2 trillion on OPEC oil if current prices hold, which is likely. This is the greatest transfer of wealth in human history and it needs to stop.”

“The NAT GAS Act (H.R. 1380), would create half a million jobs. Simply by switching 18-wheelers to natural gas, the US could cut its dependency on OPEC in half. Until we end our dependence on foreign oil and get on our own domestic resources, we will continue to be faced with uncertainty. We need to take control of our own future and we can do that by getting on our own domestic resources.”

“The NAT GAS Act is a rare opportunity to effect real change. America’s livelihood is not a partisan issue. Our leaders must seize this opportunity and do what is best for the American people.”