My Photo

Tip Jar

Change is good

Tip Jar
Bookmark and Share

« Energy Drives World Economy Off Cliffs | Main | Canadian Oil Pipeline Fire Drives Up World Oil Prices »

Comments

Salvatorem

Elaine,
Check yer abacus one more time. 9 billion times 100 is 900 billion.

Good article nonetheless.

Salvatorem

oops, meant to say millions, not billions

Elaine Supkis

It is nine billion dollars a day in oil costs, not 900 billion. Gads, that would really kill us. I know that doing a zillion zeros is harder and harder as the numbers climb off the charts. Hard for us to understand. Sort of like living in Italy in the past when they inflated the currency cheerfully.

Elaine Supkis

As it is, the US must bring in over $2.5 billion A DAY to stay afloat. The trade deficit for oil isn't 100% because we export a lot of stuff so about 50% of the oil deficit is covered by trade. But the higher the price, the less this is covered and the worse things get. This is unsustainable.

And is HIDDEN. VERY few Americans know how much oil we import and how much this costs! Every time I crunch the numbers, I panic. Even I have underestimated the exact amounts. This secrecy is due to the media refusing to talk about this and our rulers playing stupid. Like, Congress and the President and AIPAC.

Salvatorem

Elaine,
I reviewed the numbers again and I pretty sure you made a mistake in the math. 9 million barrels a day at $100 a barrel is $900 million, not $9 billion. Over a year, that equates to about $328 billion NOT $3 trillion. You're off by a factor of 10 here.

Ignorant Old Lady

Help me out here, please, as the charts make no sense to me in the first place, and you're all confusing what little brain cells I have left.

Is Crude Oil the $100/barrel, and, if so, what is the price per barrel of Petroleum? Are the petroleum figures in the calculations?

If both the crude oil and the petroleum charts are measured by "thousand barrels per day," we imported 4,460,000 brls/Aug 07 from Canada of crude and petroleum.

And, why are the YTD 07 figures less than the Aug 07 and July 07 figures?

On my computer calculator and with poor eye sight, for Aug 07, going by the charts above, US imported approx 9,397,000 barrels of crude oil, and approx 11,527,000 barrels of petroleum for a total of approx 20,924,000 barrels. Adding 2 zeros for $100/brl, I get $2,092,400,000 for Aug 07 at $100/brl for crude and petroleum. Is this, more or less, correct? Are you using only the crude oil imports? 9,397,000 brls of crude per month (not per day) gives me, adding 2 zeros, $939,700,000 spent in Aug for crude oil, times 12 gives me $11,276,400,000 annually for crude oil. OK, I'm losing even more brain cells, which is not a good thing.

Please tell me where I've gone wrong, and I'm sure I have, or if you have time, tell me exactly what calculations are being used.

Thank you, but use simple wording and explanations, please.

Neuro Artist

Well the crude oil, comes to a bit more than 300 billion USD a year,at these rates. I think the total petroleum numbers include crude oil, lets say that in all it would be about 400-500 billion USD, spent on petroleum directly, or about 1500$ per american per year.

2012MIHOP

"Bent on suicide"

What a great summation of this country's traitorous leadership. Agree 100% that making some phone calls to Congress will change nothing. Look how many times they have sold the little guy, peace, and sanity up the river already. They will either figure it out or initiate the Apocalypse.

DeVaul

I tried to calculate our oil problem using the lower figures given by Salvatorem, but my calculater kept saying "error".

I think, from a economic and political viewpoint, my calculator is probably correct.

Antonio C Pinto

9,000,000 [9 million] barrels A DAY. At $100 a barrel this is...nearly a 9 billion dollars a day!

WRONG!

it is 900 million dollars a day that is 328.500.000.000 dolars a year

Elaine Supkis

OOPS. You are correct, sorry, I have corrected this. I really appreciate people taking time to find these embarrassing errors.
My apologies.

The comments to this entry are closed.