Oil Imports Versus Ethanol Investment

The U.S. spent 10 times as much on oil imports in June than was invested in all new ethanol producing capacity last year, USAgNet reports.

Trade data released by the U.S. Census Bureau showed that the U.S. spent $45.207 billion on oil imports for the month of June, up from $40.36 billion in the month of May, also $20 billion more than was spent in the month of June 2007 ($26.723 billion).

Investment in new U.S. ethanol capacity during 2007 was $4.47 billion according to the Renewable Fuels Association.  The U.S. imported 382.7 million barrels of oil in June, 31.5 fewer than a year ago. 

The U.S. domestically produced about 160 million barrels of oil in May (the last month on record).  The U.S. produced roughly 18.5 million barrels of ethanol in May.