Strong Reminder of Urgent Need for Energy Reform
U.S. Spent Nearly $500 Billion on Foreign Oil in 2008 as Economy Crumbled
Dallas – May 12, 2009 – Energy expert T. Boone Pickens today released the following statement in reaction to news that the U.S. trade deficit on oil imports widened for the first time in eight months during March, as the price of imported oil continued to climb:
“Today’s news that the trade deficit has widened, largely as a result of the increase in the price and use of foreign oil, is a strong reminder that our national leaders need to remain focused on reducing energy dependence. Oil imports have continued to grow consecutively over the past few months, consistently hovering at a dangerous level around 70 percent. Last year, the U.S. spent approximately $475 billion on imported oil—the greatest transfer of wealth in human history– at a time when our economy is in crisis. On top of that, we cannot ignore the national security risk posed by this over-dependence. President Obama has repeatedly committed to substantially reducing foreign oil imports during his term, and we have the domestic resources necessary to achieve that goal. Today’s trade deficit release underscores the importance that energy independence will have on our economic health. I urge each and every American to reach out to their leaders to remind them of the urgent need for comprehensive energy reform.”