Projection: US to Pay $440B for Imported Petroleum in 2008

Note that the US trade deficit for 2007 was $712 billion, so oil will likely be about one-half of the deficit in 2008.

Projection: US to Pay $440B for Imported Petroleum in 2008

Petroleum Intelligence Weekly (PIW) projects in its latest issue that the US will pay $440B for imported crude oil and finished petroleum products in 2008—an increase of some 300% since 2002.

The increase to the estimated $440 billion for 2008 is based on an average $90 per barrel crude oil price for the year. In 2002, before the current bull market for oil began, US oil imports cost less than $103 billion. The preliminary figures for last year came to some $327 billion200803091037.

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