Pickens: US spent $26B importing 346MM barrels of oil in September

Source: Pickens Plan

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 60 percent of its oil, or 346 million barrels in September 2010, sending approximately $26.0 billion, or $602,720 per minute, to foreign countries. 

“The United States is not making any progress to reduce our dependence on foreign oil, but Congress has a chance to change that when it returns after the midterm election,” said Pickens. “There is legislation ready to be voted on in the Senate encouraging the greater use of natural gas to fuel 18-wheelers. By transitioning heavy trucks to run on this clean, abundant resource, we can begin reducing our dependence on Middle East oil – a dependence President Obama has pledged to eliminate in 10 years. President Obama can take another step toward this goal by issuing an executive order requiring all new federal vehicles to operate on a domestic fuel. We have the resources to get this accomplished, so now is the time for Congress and the President to act and to put an energy plan in place.” 

Pickens’ plan to encourage more heavy duty fleet vehicles to run on natural gas is included in several pieces of legislation, including The NAT GAS Act (H.R. 1835 and S. 1408), the American Power Act (S. 1733), introduced by Senators John Kerry (D-Mass.) and Joe Lieberman (I-Conn.), the Next Generation Energy Security Act (S. 3535), introduced by Senators Saxby Chambliss (R-GA) and Richard Burr (R-NC), the Clean Energy Jobs and Oil Company Accountability Act, introduced by Senator Harry Reid (D-NV) and the Promoting Natural Gas and Electric Vehicles Act of 2010 (S. 3815), introduced by Senator Reid.

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