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Sebastien Galy On Declining US Oil Imports - Business Insider

On Friday, the US trade deficit shrunk by far more than expected, in large part thanks to declining oil imports.

From CSMonitor.com:

The oil and gas picture is improving. The trade deficit for petroleum-based goods alone shrank from $326 billion in 2011 to about $291 billion last year. That's still a big deficit, but oil imports fell by about $24 billion. Meanwhile, petroleum-related exports rose by more than $10 billion. According to analysis of the data by IHS Global Insight, an international consulting group, oil imports in December hit their lowest level since December 1999.

The decreasing need for oil from abroad is basically a result of two secular trends.

One is that the US is producing more oil.

The other factor is that domestic driving is on a secular downturn.

by afew (afew(a in a circle)eurotrib_dot_com) on Sun Feb 10th, 2013 at 02:55:03 PM EST
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