T. Boone Pickens: U.S. paid $50B for foreign oil in first two months of 2010 (Dallas)
The United States continues to be too dependent on foreign oil imports, even as the economy has weakened demand, T. Boone Pickens said Monday.
The well-known financier and renewable-energy proponent said the U.S. imported 59 percent of its oil — or 322 million barrels — in February 2010, sending $24.6 billion overseas. In the first two months of the year, America paid about $50 billion for foreign oil.
“As the U.S. economy continues to struggle, demand for oil continues to be weak,” Pickens said in a statement. “But our dependence is also slowing the economic recovery. Every new barrel we add to our demand has to come from a foreign country, and that means money leaving our own economy.”
Pickens is well known for his Pickens Plan which champions the use of wind power and natural gas.
Read the rest of the post in the Dallas Business Journal.
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