US oil imports up 11 percent in June; now 80 percent of trade deficit; ethanol investment $4.7 billion

The US Census Bureau released a report that the US spent $45 billion on oil imports in June, up from $40 billion in May. By contrast, investment in ethanol production was $4.47 billion, according to a report in Hoosier Ag Today that cited the Renewable Fuels Association. Indiana Senator Richard Lugar said that oil imports now account for 80 percent of the US trade deficit.

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