Imported Oil Major Source of 2008 Trade Deficit

Americans spent a record $453.3 billion on imported petroleum in 2008, a figure representing two-thirds of the U.S. trade deficit of $677.1 billion, according to new statistics from the U.S. Census Bureau.

The 2008 import average price per barrel of crude oil was also a record high of $95.23.

“The hundreds of billions of energy dollars sent to dangerous regimes abroad could be spent to build a new energy economy here,” Sen. Dick Lugar said. “A simple and effective means of strengthening U.S. national security is to dramatically reduce our oil dependence.”

According to the new Census report, the U.S. had record goods and services exports last year of $1,843 billion. This included record exports of foods, feeds, and beverages; industrial supplies and materials; capital goods; petroleum and consumer goods. However, the balance of payments deficits came in a record year of $2,520 billion of imports, led by the same categories.

Source : Senator Dick Lugar Press Release