Crude Oil Up 80 Percent in One Year

 

Crude Oil reached another record high Tuesday, trading at nearly $127 U.S. dollars per barrel on the New York Mercantile Exchange. Crude has risen 80 percent since one year ago, when it traded at just $70 per barrel. The U.S. imports about 10 million barrels per day of crude according to British Petroleum, paying out one and a quarter billion dollars every day to foreign, multinational, and state-owned oil companies around the world. Petro dollars are leaving the U.S. faster than at any time in history. One year ago, the U.S. paid $700 million dollars per day for foreign oil.