Where did our money go? To help fuel our trade deficit and fuel the coffers of dangerous regimes.Recently, Senator Richard Lugar highlighted the issue:
Americans spent a record $453.3 billion on imported petroleum in 2008, a figure representing two-thirds of the U.S. trade deficit of $677.1 billion, according to new statistics from the U.S. Census Bureau (http://www.census.gov/foreign-trade/statistics/highlights/annual.html).The 2008 import average price per barrel of crude oil was also a record high of $95.23.The cost of imported oil last year reached nearly $1500 per U.S. citizen. According to the U.S. Department of Energy, per capita annual gasoline consumption for Hoosiers was 517 gallons (http://apps1.eere.energy.gov/states/energy_summary.cfm/state=IN).
He went on to share the dangers of our dependence upon foreign oil:
“The hundreds of billions of energy dollars sent to dangerous regimes abroad could be spent to build a new energy economy here,” Lugar said. “A simple and effective means of strengthening U.S. national security is to dramatically reduce our oil dependence.”
Source: Sen. Richard Lugar
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