My calculation of what the US spent on importing oil in 2011 has become one of our most popular posts of all times. I have impatiently waited the release of the number of barrels imported for Dec 2012 to finish up the calculations. Here’s the answer:
In 2012, the United States spent $433 billion on imported foreign oil.
That represents 0.7% of the $62.7 trillion GDP for 2012.
In 2012, the US imported 3,878,250,000 barrels of crude oil and petroleum products.
Source: U.S. Imports of Crude Oil and Petroleum Products (Thousand Barrels)
I multiplied that times the Brent Crude Oil Average Price Per Barrel for 2012 of $111.67 to get the total of $433,084,177,500 spent on imported foreign oil in 2012. I then calculated it on a month by month basis and the difference was 1/10th of a percent. I use the Brent (European) average price for oil instead of the Cushing, Oklahoma WTI price because the Brent is more appropriate for imported oil.
To put that in some perspective, we spent $824 thousand per minute on foreign oil.
Compared to 2011, all the numbers are down slightly, except the cost of oil which is up slightly. If we want to have a chance to get our economy back in order, we need to stop spending so much money on foreign energy and rely more on locally sourced and clean renewable energy sources like wind, solar, biomass and geothermal.
One very powerful and effective way to shift our energy dependence away from oil is to enact a carbon tax on all energy souces like the Pennies Per Pound CO2 Tax and Energy Stamp Program.
p.s. The US consumed 6,790,9730,000 barrels of oil & other petroleum products in 2012.