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US Pumping Out $440 Billion for Oil Imports in 2008 — Carectomy - Removing Cars from People

US Pumping Out $440 Billion for Oil Imports in 2008

by Joshua Liberles on March 21, 2008

440BillionPOST US Pumping Out $440 Billion for Oil Imports in 2008
Remember all of the political talk about building a homegrown, self-sufficient energy economy? Well, apparently we’re still a long way from it. Petroleum Intelligence Weekly (PIW) estimates that the US will spend $440 billion to import oil in 2008.

The figure of $440 billion is based on an oil price tag of $90 per barrel – a cost that’s beginning to look optimistic. For comparison, the US spent $327 billion in 2007 and about $103 billion in 2002, before the price of oil shot up.

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

Forty percent of our total oil imports come from OPEC countries.

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.

Related posts:

  1. Americans Drive 30 Billion Fewer Miles
  2. 1.3 Billion Chinese Trade Bikes for Buicks

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