U.S. Trade Deficit and the Impact of Rising Oil Prices
Abstract
Petroleum prices have continued to rise sharply in 2008, at one time reaching more than $140 per barrel of crude oil. At the same time the average monthly volume 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 $50 billion to the nation's trade deficit in 2006 and another $28 billion in 2007. The prices of energy imports have been on a steady rise since the summer of 2007, defying the pattern of declining energy import prices in the fall. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events.
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 12, 2008
- Accession Number
- ADA488199
Entities
People
- James K. Jackson
Organizations
- Library of Congress