The U.S. reported a monthly trade deficit of $44.4 billion this morning. We run an annual deficit of over $500 billion per year as we prefer to consume rather than produce. It’s been working like a charm for decades. You may have heard Obama and the MSM blather on about America’s energy independence. You may have heard about the shale oil miracle and the thousand years of natural gas. Did you know we’re going to be energy independent within the next 10 years?
A funny thing about that energy independence. If you click the link below and go to Exhibit 17 at the very back of the Census report (I wonder why?) you see some fascinating data about our imminent energy independence. It seems we IMPORTED 3.85 BILLION barrels of oil in 2012 and paid $398 BILLION to foreigners for this petroleum. For the math challenged, that means we paid $103 per barrel.
In January we imported another 327 million barrels and shelled out $31.7 billion to countries that despise us. We will import somewhere between 3.7 billion and 4.0 billion barrels of oil in 2013. We currently consume 6.6 billion barrels per year. Do the math. When exactly will we be energy independent?