PPRuNe Forums - View Single Post - United Airlines says it will lay off 950 pilots
Old 24th Jun 2008, 16:01
  #13 (permalink)  
peter we
 
Join Date: Jan 2004
Location: london,uk
Posts: 735
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What rubbish. The oil is productively used (hopefully) to further generate profits and wealth of US companies. Does this commentator suppose that the US should not pay for resources it consumes in the business of wealth generation, or is he just plucking an extortionate-sounding figure from the air for political gain...?!
T Boone Pickens is not just anybody http://en.wikipedia.org/wiki/T._Boone_Pickens,_Jr.. Your politics have nothing to do with it its a simple case of mathematics (he's a financial supporter of GW Bush if that matters).

Total current US expenditure on oil is $1.05 Trillion dollars per year (21million barrels per day), over ten years you get the 10Trillion dollar figure. Its about 7.6% of GDP.

US currently imports 13millions barrels per day. At $137 thats $650billion per year extracted from the US economy. US production is declining and demand increasing. US oil consumption per head of population is twice that of the EU countries.
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