As I mentioned several posts ago, T.Boone Pickens, each month, reports on three oil statistics, which include: Barrels of Oil Imported by the U.S. , Money Sent Overseas and % Imported from Foreign Countries.
There is some good news this month, the amount if oil that we imported (339 million barrels) is down from last month (408.7 million barrels). Also, during February the US imported 62% of its oil versus 67.4 percent in January.
It is good to see less oil being used. The down side to seeing these drops in oil usage is this: the US hasn’t put any dramatic oil conservation measures into place so, this decrease in oil usage is due to the US economy worsening.
When the oil import data for March is available I will let you know (a month from now, of course).