PDF _ RS22204 - U.S. Trade Deficit and the Impact of Changing Oil Prices
15-Apr-2009; James K. Jackson; 10 p.

Update: Previous Releases:
September 12, 2009
June 10, 2008
January 15, 2008
November 14, 2007
June 12, 2007
May 30, 2007
April 13, 2007
December 13, 2006 (/NLE/CRSreports/06Dec/RS22204.pdf)
October 13, 2006

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 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.

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Topics: Economics & Trade, Energy, Government

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