Oil imports increase US trade gap

uscitizen

uscitizen

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Oil imports increase US trade gap

The cost of oil imports has widened the US trade deficit

The rising cost of importing foreign oil caused the US trade deficit to widen in April to $60.9bn, the biggest for 13 months.

Despite healthy export growth, the difference between US imports and exports jumped 7.8% in April.

Crude oil imports alone increased $4.3bn to $29.3bn over the month, reflecting higher prices for fuel on world markets.

The increase wiped out the gains from strong US exports, which grew 3.3%.

http://news.bbc.co.uk/2/hi/business/7446524.stm
 
Another reason to drill here, sending billions of dollars to the middle east when it should be going to Alaskans and Yat's.
 
Topspin said:
Another reason to drill here, sending billions of dollars to the middle east when it should be going to Alaskans and Yat's.
Click to expand...

That's probably the single best reason to increase domestic production. Importing crude oil represents about 25% of our trade deficit.
 
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