U.S. Trade Deficit and the Impact of Rising Oil Prices

Abstract

Petroleum prices have risen sharply since early 2004. At the same time, the average level of imports of energy-related petroleum products has risen slightly. The combination of sharply rising prices and a slightly higher level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost could add an estimated $70 billion to the nation's trade deficit in 2005, depending on how sustainable the recent price increases are. This report provides an estimate of the initial impact of rising oil prices on the nation's merchandise trade deficit. The report will be updated as warranted by events.

Open PDF

Document Details

Document Type
Technical Report
Publication Date
Jan 20, 2006
Accession Number
ADA472695

Entities

People

  • James K. Jackson

Organizations

  • Library of Congress

Tags

DTIC Thesaurus Topics

  • Abstracts
  • Acquisition
  • Commerce
  • Congress
  • Efficiency
  • Energy Efficiency
  • Families (Human)
  • Information Operations
  • International Trade
  • Petroleum
  • Security
  • United States

Readers

  • Economics