Pickens: Importing 62 Percent Underscores Vulnerability And Exposes U.S. To Risks in Price Spike and Supply Instability

Dallas – February 10, 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 366 million barrels in January 2011, sending approximately $32.6 billion, or $730,711 per minute, to foreign countries.

“The cost of our addiction to OPEC oil continues to increase and January was no exception,” said Pickens. “The United States spent $32.6 billion on foreign oil last month, up from $30.3 billion in December. In fact, January was the most expensive month since September 2008, when the economic downturn began. The reason for this increase is our continued economic growth combined with cold weather creating more demand for heating oil.

“This problem is not going away. The recent turmoil in Egypt and growing concerns about more crises in the Middle East are showing us just how volatile oil prices can be. Importing 62 percent of our oil underscores our vulnerability and exposes us to risks in price spike and supply instability. We’ll see gas prices hit $4 a gallon by this summer.

“Our leadership should be looking for solutions which can begin today, not 15 years from now. The answer is simple – natural gas. Natural gas is the only alternative fuel currently at our disposal that can power heavy duty fleet vehicles. Not to mention, natural gas is cleaner, cheaper, abundant and it’s ours. As we move into the spring and summer driving seasons, we need to get a plan in place that starts reversing our dependence on OPEC oil. Using natural gas to power heavy duty fleet vehicles is a solution with bipartisan support. It’s time for Congress to put an end to the billions of dollars being spent each month on OPEC oil and enact legislation promoting our own resources.”