Thursday, October 14, 2004
More on Oil and Trade Deficit
The U.S. trade deficit, propelled by a record foreign oil bill, surged to $54 billion in August, the second highest level in history. televisions.
...the August trade deficit in goods and services was 6.9 percent higher than a $50.5 billion imbalance in July. A small 0.1 percent rise in exports was dwarfed by a 2.5 percent jump in imports.
The nation's total foreign oil bill was driven higher in August by increased volume and higher prices. The average price for crude oil jumped to a 23-year high of $36.37 per barrel, up by $3.09 per barrel from July. Imported oil is likely to climb even higher in coming months reflecting rising oil prices that are now at record levels above $50 per barrel.