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.
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?
Here are the top 5 countries we import oil from (and export oil money to):
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.