TITLE

Oil Prices and the U.S. Trade Deficit

AUTHOR(S)
Cavallo, Michele
PUB. DATE
September 2006
SOURCE
FRBSF Economic Letter;9/22/2006, Vol. 2006 Issue 24, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article examines the relationship between the sudden increase in oil prices and the trade deficit in the U.S. From January 2002 to July 2006, the overall monthly trade deficit went from $30 billion to $68 billion. In addition, the petroleum-related trade deficit went from $6 billion to $26 billion. During the period, the higher oil prices and the resulting higher cost of petroleum imports have accounted more than half of the overall trade deficit of the country.
ACCESSION #
22544568

 

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