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

Abstract

Petroleum prices have risen sharply since early 2005. At the same time, the average level of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly lower level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost added an estimated $70 billion to the nation's trade deficit in 2005 and $50 billion in 2006. Imported energy prices moderated in January and February 2007, but began rising again in March and April, following a pattern of rising energy import prices in the spring and summer. 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.

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Document Details

Document Type
Technical Report
Publication Date
May 30, 2007
Accession Number
ADA472721

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
  • Government Contracting/Procurement.