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

Description: 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. The prices of energy imports have been on a steady rise since 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.
Date: August 12, 2008
Creator: Jackson, James K.
Partner: UNT Libraries Government Documents Department

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

Description: Petroleum prices rose sharply in the first half of 2008, at one time reaching more than $140 per barrel of crude oil. Since July, however, petroleum prices and import volumes have fallen at a historically rapid pace; in November, prices of crude oil fell below $55 per barrel. The fall in the cost of energy imports combined with the drop in import volumes as a result of the slowdown in economic activity has reversed the trend of rising energy imports costs and will sharply reduce the overall costs of U.S. energy imports for the rest of 2008. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit.
Date: November 13, 2008
Creator: Jackson, James K.
Partner: UNT Libraries Government Documents Department

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

Description: 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. The prices of energy imports have been on a steady rise since 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.
Date: October 10, 2008
Creator: Jackson, James K.
Partner: UNT Libraries Government Documents Department