True cost of oil
At $60 barrel, the US is paying approximately $290 billion per year for imported oil. Plus the security tax. That tax includes deployments and operations beyond the Iraqi theatre. However, based on the public estimates that Iraq cost $100 billion last year , it would appear the US economy pays 30% more for oil as anyone else. Put another way, China pays $60 per barrel of imported crude oil. Adding the cost of oil security, America pays more than $90 for the same barrel of oil. Even the United States cannot keep this up forever.
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