US Will Export $440 Billion For Oil In 2008
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:
- What percentage of our Gross Domestic Product will the US have to export before things start to change dramatically?
- 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):
- Canada
- Mexico
- Saudi Arabia
- Venezuela
- 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
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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Does anyone know how much petroelum the U.S. exports to foreign countries?
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.
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???