Gas Prices Surge and Peak Oil is Nearer Than Feared

The cost of America's addiction to oil is rising.

In 2008, America spent $453.3 billion on imported oil.

But the cost of that addiction continues to increase.

Oil prices surged this week to over $71 a barrel.

Higher oil prices appear to be the "new" norm, despite the slow US economic recovery.

As most motorists know, this has resulted in higher gas prices over the past month at the local stations.

In just the past week the average US Regular gasoline price rose to $2.56 a gallon, according to the US Dept of Energy. This was a jump of over 5 cents in just one week.

But what if the rate of oil output reaches its maximum and can only decline?

The stark reality of "Peak Oil" may be closer than ever before.

Dr. Fatih Birol, chief economist for the International Energy Agency, told reporters in Paris this week that:

"...the public and many governments appeared to be oblivious to the fact that the oil on which modern civilisation depends is running out far faster than previously predicted and that global production is likely to peak in about 10 years – at least a decade earlier than most governments had estimated."

Dr. Birol also noted that most existing fields have reached their peak capacity and the oil existing oil "alternative" is to use the much dirtier use oil derived from tar sands.

All of this means the US needs to move aggressively in promoting renewable fuels like ethanol. Ethanol is available Now. Flexible Fuel Vehicles work Now! And ethanol is made here in the United States!

READ MORE

• OPEC Calls for Higher Fuel Prices
• $115 a Barrel Oil is Too Cheap
• America's Energy Source Choice: Midwest or Middle East?
• Energy Victory Through Competition
• OPEC is Not Our Friendly Neighbor
• NozzleRage Against OPEC
• Energy Victory Through Competition
  
• OPEC Blames Ethanol For Higher Oil Prices

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Oil Imports Widen Trade Deficit...Again

Should Americans buy domestic renewable biofuels or continue to send our money overseas?   That's a good question we should all consider based on the latest trade figures from the US government.

The U.S. trade deficit widened during March, as the price and use of imported oil both climbed.

The U.S. deficit in international trade increased to $27.58 billion from February's $26.13 billion, according to the U.S. Commerce Department. 

The value of crude oil imports increased in March to $11.98 billion, from $10.00 billion in February. 

The average price per barrel of imported crude in March rose by $2.14 to $41.36 from $39.22. 

Last year, imported oil topped at $124.66 billion in July.

Source: U.S. Commerce Department

READ MORE

• Oil Imports Fuel Trade Deficit
• US Imports Climb from Oil
• NozzleRage Against OPEC
• Energy Victory Through Competition
• OPEC Blames Ethanol For Higher Oil Prices

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World Demand Fuels Exports

According to a new USDA report (pdf), agricultural exports are expected to reach a record $108.5 billion for fiscal 2008.

The projections mark a $7.5 billion increase from February's previous record forecast and are $26.5 billion above final 2007 exports.

Announcing the new numbers, Agriculture Secretary Ed Schafer said:

“America’s increased export volume in bulk commodities like corn, other animal feeds and soybeans make agriculture the bright spot in the overall balance of trade.

U.S. producers are on track to export a record 63 million tons of corn, and set new export volume and value records for pork.

Export volumes and values are also up for many horticultural products with sales growth to Canada and the European Union being exceptionally strong.”

Grains and animal products exports account for two-thirds of the gains according to the new report.

Source: USDA, Outlook for US Agricultural Trade, May 2008 (pdf)

READ MORE

• Buying American Buys Freedom
  
• Oil Imports Fuel Trade Deficit
• US Spy Chief Warns of Oil Threat from Russia, China and OPEC
• $115 a Barrel Oil is Too Cheap
  

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Tyson Foods and Cargill Shunned By South Korea

News reports indicate that the government of South Korea has banned U. S. beef:

South Korea slapped a de facto ban on imports of U.S. beef Monday after recent shipments that were intended for domestic consumption, not export, the Agriculture Ministry said.

South Korea decided not to issue needed import certificates for U.S. beef until Washington explains why two recent shipments intended for domestic consumption were sent to South Korea and can ensure it won't happen again, said Kim Do-soon, a ministry official.

International trade is important to the US: "In 2003 alone, South Korea bought about $813.2 million worth of American beef, according to the U.S. Meat Export Federation."