Oil Prices and the U.S. Trade Deficit

Cavallo, Michele
September 2006
FRBSF Economic Letter;9/22/2006, Vol. 2006 Issue 24, p1
Trade Publication
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.


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