| US Pumping Out $440 Billion for Oil Imports in 2008 |
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| Written by Joshua Liberles | |
| Saturday, 22 March 2008 | |
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PIW's report goes on to say, “With oil prices this year as strong or stronger than in 2007, any moderation in the US import bill must come from reduced volumes.”
The nation's fuel economy is relatively unchanged. Even the improved CAFE standards won't offset the ever-increasing Vehicle Miles Traveled. Translation: Demand is continuing to rise while supply is finite and peak oil is around the corner. Sound like a good trajectory? So where's the $440 billion going? Gas 2.0 tracks the money, with some help from the Energy Information Administration. From Gas 2.0: Here are the top 5 countries we import oil from (and export oil money to): Gas prices are likely to hover around $4/gallon this spring. Will increasing costs affect driving habits? We can only hope since concern for the environment, global warming, and our planet's potential imminent demise alone don't seem to be doing the trick. Photo via flickr by yuan2003 & yomanimus. Comments (0)
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