U.S. On Track to Spend $400 Billion on Imported Oil in 2013

Despite impressive gains in domestic oil production, the U.S. is on track to spend roughly $400 billion on imported oil in 2013, which is roughly the same amount that was spent last year. In 2012, the U.S. imported a total of 3.9 billion barrels of petroleum at a cost of $434 billion.

That’s one of the many conclusions that can be gleaned from recently released oil import numbers. Here are some more.

In March 2013, a whopping 296 million barrels – or 52 percent of the petroleum consumed in the U.S. – was foreign oil. At a per barrel price of more than $108, that works out to over $32 billion – more than $1 billion a day – or per minute cost of $719,000.

And in January 2013, total imports were even higher: 304 million barrels. Not surprisingly, a hefty percentage of that imported oil came from OPEC countries: 39 percent. The bottom line is that Americans spent $13.5 billion on OPEC oil in January.

Read more HERE.