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

Jackson, James K.

Library of Congress. Congressional Research Service.

关键词: Trade;    Balance of trade;    Imports;    Energy;    Petroleum prices;   

RP-ID  :  RS22204
RP-ID  :  RS22204_2008Nov13

美国|英语

来源: UNT Digital Library

【 摘 要 】

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.