According to the invaluable CIA
World Factbook, US oil consumption is 20.73 million barrels per day. Which
works out to 7.57 billion barrels per year. At the new
record price of $82.03 per barrel, that would value US oil consumption at
$621 billion per year.
For the 2007 fiscal year, the US
military budget was $532.8 billion, plus an extra-budgetary supplement of
$120 billion to fund the wars in Iraq and Afghanistan, for a total of $652.8
At the risk of belaboring the point somewhat, this means that the US government
spends more on the military than the entire value of US oil consumption, public
and private sector combined. Remember that, the next time you hear about how
high oil prices are acting as a drag on the economy.