U.S. Sent $21.6 Billion Overseas and Imported 366 Million Barrels of Oil in May 2009
Dallas – June 5, 2009 –Today energy expert T. Boone Pickens provided his sixth consecutive monthly update on the level of United States’ oil importation.
Pickens said that based on the latest figures from the U.S. Department of Energy’s Energy Information Administration (EIA), the U.S. imported 65 percent of its oil, or 366 million barrels, in May 2009, sending approximately $21.6 billion, or $484,087 per minute, overseas to foreign governments.
“If you’ve opened a paper or turned on the news this week, the bankruptcy filing of General Motors has dominated the headlines,” said Pickens, architect of the Pickens Plan to reduce dependence on foreign oil. “While there were many mitigating factors that contributed to its demise, I can’t help but point out that GM, along with the rest of the U.S. automakers, failed to keep up with innovations widely adopted elsewhere across the globe that could help wean this country off its oil addiction. I hope that as the company restructures under the watchful eye of the U.S. government it will make serious investments in developing vehicles that run on fuels such as natural gas that are available in this country, in addition to the investment in electric cars. Our staggering dependence on foreign oil is responsible for more than two-thirds of our trade deficit, and it’s killing our economy and putting our national security at risk; the automakers need to take some responsibility for getting us to this crisis point and participate in the solution of this critical issue. “
For the first five months of this year, the U.S. has imported 1.874 billion barrels, after spending approximately $475 billion on imported oil in 2008.
Pickens continued, “My army of more than 1.5 million Americans understands the threat importing nearly 70 percent of oil has on our national security and economy. President Obama has continually said that he is committed to significantly reducing America’s dependence on foreign oil during his term. We cannot waste anymore time, we need true energy reform now. I am confident that we will see Congress tackle important legislation in the coming months addressing the energy crisis.
“It remains critical to track our progress as a country as we work to reduce the amount of oil we import. I will continue to highlight our foreign oil dependence number every month, and I hope that we soon see a significant reduction.”