Pickens - The U.S's $700 Billion IMPORT

According to OIL tycoon T. Boone Pickens (founder of BP Capital LLC), at $130 a barrel the U.S. is importing about $700 Billion of Crude Oil a year...for some perspective, this is about 4 times the annual cost of the Iraqi war.

Currently about 70% of the CRUDE OIL used in the U.S. is IMPORTED !

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* Click the below EIA chart (U.S. oil prod + imports) to see a larger image:


Data Courtesy: Bloomberg and EIA