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Published on March 10th, 2008 | by Clayton

18

US Will Export $440 Billion For Oil In 2008

money

How much does business-as-usual cost? This morning, Green Car Congress reported that the US is projected to pay $440 billion for imported petroleum in 2008:

The increase to the estimated $440 billion for 2008 is based on an average $90 per barrel crude oil price for the year. In 2002, before the current bull market for oil began, US oil imports cost less than $103 billion. The preliminary figures for last year came to some $327 billion.

With little prospect for cheaper gas prices in the future, any decrease in the US export bill will have to come from a reduction in petroleum usage.

Which brings to mind two important questions:

  1. What percentage of our Gross Domestic Product will the US have to export before things start to change dramatically?
  2. Where is all this money going, anyway?

Wired Magazine’s Autopia blog posted a partial answer to the first question last week ($3 Gas–No, $4 Gas–Will Change U.S. Driving Habits. Really.):

In the past six weeks, gas consumption has dropped by 1.1%. That’s the most sustained drop in 16 years, except for the period following Hurricane Katrina, according to the “Wall Street Journal.” And if prices reach $4, as many economists predict, an estimated 65 percent of American car owners report they will dramatically change their driving behavior, according to a study commissioned by the Automotive Aftermarket Industry Association.

As for the second question, this list from the Energy Information Administration may be helpful. Here are the top 5 countries we import oil from (and export oil money to):

  1. Canada
  2. Mexico
  3. Saudi Arabia
  4. Venezuela
  5. Nigeria

Forty percent of our total oil imports come from OPEC countries, which means that in 2008 we should be exporting $177 billion to countries that hate the US or actively fund terrorism (more on this later).

But hey, at least there’s a lot of love for our Northern neighbors, eh?

Related Posts:

U.S. Gasoline Still Among World’s Cheapest

6 Ways To Find And Use Biodiesel Anywhere

The Growing Need for Fuel Substitution, Efficiency, and Conservation

Sources:

EIA: U.S. Imports by Country of Origin

GreenCarCongress (Mar. 9, 08): Projection: US to Pay $440B for Imported Petroleum in 2008

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About the Author

In a past life, Clayton was a professional blogger and editor of Gas 2.0, Important Media’s blog covering the future of sustainable transportation. He was also the Managing Editor for GO Media, the predecessor to Important Media.



  • http://shariahfinancewatch.wordpress.com allyson rowen taylor

    This is a great source of information. I will use this on my blog which shows the dangers of the financing of Shariah Laws by buying gas, and other ways of economic terrorism.

    check out- http://shariahfinancewatch.wordpress.com

  • http://shariahfinancewatch.wordpress.com allyson rowen taylor

    This is a great source of information. I will use this on my blog which shows the dangers of the financing of Shariah Laws by buying gas, and other ways of economic terrorism.

    check out- http://shariahfinancewatch.wordpress.com

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  • Chip

    Does anyone know how much petroelum the U.S. exports to foreign countries?

  • Chip

    Does anyone know how much petroelum the U.S. exports to foreign countries?

  • Davegas

    Chip, I’m trying to find out the same answer. I know at one time we exported oil from the north slope thru the Alaskan pipeline to Japan. I don’t know if this is still true today. If we ever get exploration in ANWAR, I would like a provission in the law that states 100% of this oil be used domestically.

  • Davegas

    Chip, I’m trying to find out the same answer. I know at one time we exported oil from the north slope thru the Alaskan pipeline to Japan. I don’t know if this is still true today. If we ever get exploration in ANWAR, I would like a provission in the law that states 100% of this oil be used domestically.

  • Davegas

    Chip, I’m trying to find out the same answer. I know at one time we exported oil from the north slope thru the Alaskan pipeline to Japan. I don’t know if this is still true today. If we ever get exploration in ANWAR, I would like a provission in the law that states 100% of this oil be used domestically.

  • Ernie

    Senator Grassely from Ia. said today at a mini town hall meeting in Iowa, “the U.S. DOESN’T EXPORT OIL”.

    Does anyone else find this difficult to swallow???

  • Ernie

    Senator Grassely from Ia. said today at a mini town hall meeting in Iowa, “the U.S. DOESN’T EXPORT OIL”.

    Does anyone else find this difficult to swallow???

  • http://KnowTheLies.com SadInAmerica

    While the U.S. oil industry wants access to more federal lands to help reduce reliance on foreign suppliers, American-based companies are shipping record amounts of gasoline and diesel fuel to other countries. (There is NO shortage of oil! Never has been! There’s a real shortage of honest polititians!

    The people must believe there is a shortage of oil and that WE are the cause of it and the cause of the ‘Global Warming’ scam. Without training and brainwashing the global population, the liars will have a difficult time convincing the world that we must pay a ‘Carbon Tax’ to save the planet. See this article dated July 3, 2008…

    http://www.knowthelies.com/?q=node/2470

  • http://KnowTheLies.com SadInAmerica

    While the U.S. oil industry wants access to more federal lands to help reduce reliance on foreign suppliers, American-based companies are shipping record amounts of gasoline and diesel fuel to other countries. (There is NO shortage of oil! Never has been! There’s a real shortage of honest polititians!

    The people must believe there is a shortage of oil and that WE are the cause of it and the cause of the ‘Global Warming’ scam. Without training and brainwashing the global population, the liars will have a difficult time convincing the world that we must pay a ‘Carbon Tax’ to save the planet. See this article dated July 3, 2008…

    http://www.knowthelies.com/?q=node/2470

  • http://KnowTheLies.com SadInAmerica

    While the U.S. oil industry wants access to more federal lands to help reduce reliance on foreign suppliers, American-based companies are shipping record amounts of gasoline and diesel fuel to other countries. (There is NO shortage of oil! Never has been! There’s a real shortage of honest polititians!

    The people must believe there is a shortage of oil and that WE are the cause of it and the cause of the ‘Global Warming’ scam. Without training and brainwashing the global population, the liars will have a difficult time convincing the world that we must pay a ‘Carbon Tax’ to save the planet. See this article dated July 3, 2008…

    http://www.knowthelies.com/?q=node/2470

  • Kenny Turner

    Notice the Republicans have no answer to oil crisis. They take the side of our supposed allies as they murder our servicemen. Notice they support our supposed business partners as our economy suffers because of it…hhhmmmmm!!!????

  • Kenny Turner

    Notice the Republicans have no answer to oil crisis. They take the side of our supposed allies as they murder our servicemen. Notice they support our supposed business partners as our economy suffers because of it…hhhmmmmm!!!????

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