U.S. Spent $41.7 Billion on Foreign Oil in Month of May - Is Washington Stupid or What?

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DALLAS - June 8, 2011: In his monthly update on the level of foreign oil imports in the U.S., energy expert T. Boone Pickens said that based on the latest figures from the Federal Reserve Economic Database, the U.S. imported 62 percent of its oil, or 362 million barrels in May 2011, sending approximately $41.7 billion, or $934,357.63 per minute, to foreign countries.

“The oil import numbers continue to be astronomical and our country continues to suffer as a result,” said Pickens. “In a time of great economic turmoil, our crippling dependence on OPEC oil represents the height of fiscal irresponsibility - particularly when we have the ability to use our own vast domestic natural gas resources.”

“OPEC’s dangerous decision today to keep production levels constant and thereby keeping oil prices high reinforces the need to get on our own resources if we seriously want to address the ongoing price volatility and address our national security concerns.”

“Our addiction to OPEC oil constitutes the greatest transfer of wealth in history and is tantamount to a subsidy for terrorism. We are sending immense sums of money to countries run by dictators and unstable regimes that continue to experience armed conflict, social unrest and demonstrate hostility towards America. We do this in spite of the fact that we possess a cheaper, cleaner, and more abundant domestic resource in natural gas.”

“The NAT GAS Act (H.R. 1380) represents a rare opportunity to effect real change in America, which is why the legislation has garnered such tremendous bi-partisan support. We now have 84 Republican and 106 Democratic representatives co-sponsoring the legislation because they realize we must act now. The NAT GAS Act provides a real path for Congress to enhance national security, create American jobs, and improve our economy and environment. We simply cannot afford to let this opportunity go to waste.”

The NAT GAS Act (H.R. 1380) encourages the use of domestic natural gas to fuel heavy-duty vehicles, simultaneously improving our national security and strengthening our economy. The legislation, introduced in the U.S. House of Representatives by Congressman John Sullivan (R-OK), Congressman Dan Boren (D-OK), Congressman John Larson (D-CT) and Congressman Kevin Brady (R-TX), currently has 190 bipartisan co-sponsors from across the country - that includes Tea Party members from the Republican Study Committee; the Black Caucus; and, the Blue Dog Coalition. Additionally, President Barack Obama has declared his support for using natural gas to wean America off OPEC oil and secure our energy future. The Pickens Plan to encourage more heavy-duty vehicles to run on domestic resources is included in the NAT GAS Act.

About the Pickens Plan

Unveiled on July 8, 2008 by T. Boone Pickens, the Pickens Plan is a detailed solution for ending the United States’ growing dependence on foreign oil. That year, when oil prices reached $140/barrel, America was spending about $700 billion for foreign oil, equaling the greatest transfer of wealth in history. That figure has decreased some while oil prices have retreated, but the U.S. is still dependent on foreign nations for nearly 70 percent of its oil, representing a continuing national security and national economic threat. The plan calls for expanding the use of domestic renewable resources, such as wind and solar, in power generation and using our abundant supplies of natural gas as a transportation fuel alternative to OPEC oil.

More than 1.6 million people have joined the Pickens Army through the website www.pickensplan.com, which has had over 20 million hits. For more information on the Pickens Plan please visit our website www.pickensplan.com.