8th May 2008

Draining away

posted by saurabh in Global Machinations, Petrolatum |

I highly recommend this article by Michael Klare on the subject of America’s oil dependence and its effect on our superpower status. The best summary of it is in this calculation:
19 Mbbl/day * $120/bbl * 365 days/year * 0.65 = $540 billion per year spent on oil imports. That’s about on par with the Pentagon’s budget and about 4% of US GDP.

(Via ATR)

Posted on Thursday, May 8th, 2008 at 1:02 pm | Global Machinations, Petrolatum | feed | reply | trackback

There are currently 2 responses to “Draining away”

  1. 1 On May 13th, 2008, hedgehog said:

    imports may reach that level one day, but they are currently more like 11 or 12 million barrels a day. a paltry 60 percent of your figure.

  2. 2 On May 14th, 2008, saurabh said:

    The ‘imports’ portion is factored in by the 0.65 at the end. I suppose I should have clarified that…

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