Richard G. Lugar, United States Senator for Indiana

“Americans spent 284 times as much money on imported oil in the month of May than the federal government spent on the Department of Energy’s efforts to develop new fuel sources, new vehicle technology, greater energy efficiencies and other renewable energy sources,” U.S. Sen. Dick Lugar said today.

Trade data released by the U.S. Census Bureau today showed that the U.S. spent $40.36 billion on oil imports for the month of May. Lugar noted that the annual budget for Office of Energy Efficiency and Renewable Energy for the whole year is $1.7 billion, or $142 million a month. “Oil imports also accounted for two-thirds of our $60 billion trade deficit for the month,” Lugar said.

The U.S. imported 373.3 million barrels of oil in May and domestically produced about 155 million barrels of oil in April (the last month on record). The U.S. produced roughly 17 million barrels of ethanol in April.

Also in a report this week, the U.S. Energy Information Agency (EIA) released estimates that OPEC nations earned $670 billion in oil export revenues in 2007. By comparison, this was more than all Americans spent on transportation fuel in 2005, according to the Bureau of Labor Statistics. The EIA projects these earnings will nearly double to $1.25 trillion dollars in 2008. http://www.eia.doe.gov/emeu/cabs/OPEC_Revenues/Factsheet.html

For more than a decade, Lugar has stressed the strategic importance of energy security and the economic and security risks of dependence on oil. His legislative efforts promote sustainable energy production and use, incentives for renewable fuels like cellulosic ethanol and E85, increased fuel economy in cars, and clean coal.

The Lugar Energy Initiative at http://lugar.senate.gov/energy highlights not only the repercussions of America's dangerous dependence on imported oil, but also provides information on energy legislation introduced by Lugar, commentary by outside experts and information on alternative and renewable energy sources.

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