Monday, December 14, 2009

U.S. Paid Over $26 Billion for Oil in November

U.S. Paid Over $26 Billion for Oil in November

Bipartisan NAT GAS Act would Dramatically Reduce Our Dependence on Foreign Oil as World Demand Poised to Increase
Pickens says, “We have more than 100 years supply of natural gas in this country and a bill in Congress that will incentivize us to use it to replace imported oil, allowing America to recapture control of its energy policy.”

DALLAS----In his twelfth consecutive 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 U.S. Department of Energy’s Energy Information Administration (EIA), the U.S. imported 61% percent of its oil, or 339 million barrels in November 2009, sending approximately $26.4 billion, or $ 591,477 per minute, overseas to foreign governments.

“We’re almost finished with 2009, and we really haven’t made any progress in reducing our dependence on foreign oil,” said Pickens. “Failure to address this issue threatens our national and economic security, and that’s unacceptable. We have an alternative resource in natural gas that is right here in our own soil and with abundant supply to last more than 100 years. But, while we can be frustrated at our failure to reduce our dependence on foreign oil in 2009, we can be hopeful that we are closer to passing a bill in Congress that will incentivize us to use natural gas in transportation in early 2010, which will allow America to recapture control of its energy policy. We urge the leadership in Washington to get The NAT GAS Act passed and to make progress on reducing foreign oil dependence once and for all.”

The NAT GAS Act of 2009, H.R. 1835, was introduced in the House of Representatives on April 1, 2009 and has 126 bipartisan cosponsors. The Senate version of this bill, S. 1408, was introduced on July 8, 2009 as a bipartisan bill by Senate Majority Leader Harry Reid and Senator Robert Menendez (D-NJ) and Senator Orrin Hatch (R-UT).

Pickens continued, “The International Energy Agency said Friday that world demand for oil will increase in 2010 as economies recover. As demand goes up, so does the price, which means we’ll be sending even more American dollars overseas if we don’t act to get on our own resources immediately.”
Since January 2009, the U.S. has imported more than 4 billion barrels of oil. A study released in June by the Potential Gas Committee, a group of academics and industry specialists supported by the Colorado School of Mines, estimates that we have more than 2,000 trillion cubic feet of natural gas reserves, the only available source that could immediately replace foreign oil as a transportation fuel.

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. Last year, when oil prices reached $140/barrel, America was spending about $700 billion for foreign oil, equaling the greatest transfer of wealth in human 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, replacing more than one-third of our imported oil.

More than 1.6 million people have joined the Pickens Army through the website, which has had over 17 million hits. For more information on the Pickens Plan please visit our website

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