Posted by: Lawyer Sanders | September 4, 2008

Attorney Sanders says U.S. consumes $700 billion of foreign oil each year and that will increase each year unless we develop alternative energy.

According to the U.S. government’s Energy Information Administration, the U.S. consumed 20.7 million barrels per day (MMbd) of petroleum products during 2007 making us the world’s largest petroleum consumer.  The United States was third in crude oil production at 5.1 MMbd.  Almost 50% of U.S. crude oil and petroleum products imports came from the Western Hemisphere (North, South, and Central America and the Caribbean including U.S. territories) during 2006. We imported only 16% of our crude oil and petroleum products from the Persian Gulf countries of Bahrain, Iraq, Kuwait, Qatar, Saudi Arabia, and United Arab Emirates.

America uses a lot of oil. Every day 85 million barrels of oil are produced around the world. And 21 million of those are used here in the United States.  That’s 25% of the world’s oil demand. Used by just 4% of the world’s population.  We import about 70% of our oil at a cost of $700 billion a year – four times the annual cost of the Iraq war.

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