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Thread: Trade Deficit in U.S. Plunges on Record Petroleum Exports

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    Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Trade Deficit in U.S. Plunges on Record Petroleum Exports - Bloomberg

    The trade deficit in the U.S. narrowed more than forecast in December, led by record exports of petroleum that gave the world’s largest economy a boost at the end of 2012.

    The gap shrank 20.7 percent to $38.5 billion, lower than any estimate in a Bloomberg survey of 73 economists and the least since January 2010, Commerce Department figures showed today in Washington. The jump in fuel sales to overseas buyers, combined with purchases of the fewest barrels of imported crude in almost 16 years, led to the smallest petroleum deficit since August 2009.
    Goes to show you, drilling for oil in the US does have a very positive impact, even if it doesn't directly affect the price at the pump.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Makes me wonder why with all the calls for "energy independence" we are exporting oil instead of consuming it and importing less........

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Fisher View Post
    Makes me wonder why with all the calls for "energy independence" we are exporting oil instead of consuming it and importing less........
    We are importing less crude; at a 16 year low.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Fisher View Post
    Makes me wonder why with all the calls for "energy independence" we are exporting oil instead of consuming it and importing less........
    "Energy independence" is a concept that doesn't really exist, energy is a globally traded item and even if the United States produced 100% of its needs we are still affected by global changes in supply and demand which affects the price of said energy regardless of whether we export or import any. Even if we were Saudi Arabia the price of gas wouldn't change that much.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Wiseone View Post
    "Energy independence" is a concept that doesn't really exist, energy is a globally traded item and even if the United States produced 100% of its needs we are still affected by global changes in supply and demand which affects the price of said energy regardless of whether we export or import any. Even if we were Saudi Arabia the price of gas wouldn't change that much.
    While true, it would be nice to grow the economy with foreign money through exports.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Samhain View Post
    While true, it would be nice to grow the economy with foreign money through exports.
    It would also be nice not to subsidize a market that will save consumers no money whatsoever apparently as a result of said subsidies.....

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Samhain View Post
    While true, it would be nice to grow the economy with foreign money through
    exports.
    It wont happen. Japan just anounced they're going to do everything in their power to tank their currency so they can reduce their trade defict.

    This is how currency wars start. Also oil is a commodity that's output is strictly controlled.

    Too much into the market at onentime and you wipe out the incentive for exploration. They'll just leave it in the ground.

    We cant put all of our hopes on oil especially with large portions of the worlds Governments currently experiecing next to no growth.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Samhain View Post
    Trade Deficit in U.S. Plunges on Record Petroleum Exports - Bloomberg



    Goes to show you, drilling for oil in the US does have a very positive impact, even if it doesn't directly affect the price at the pump.
    Of course it helps, we don't use the oil we produce, we export it all and import the cheaper stuff. Oil drilling went way up in the last 6 years here in the US. Any time the pump price dips, there is conveniently a disruption in supply. Conspiracy? Probably not, but it makes one wonder wtf is going on.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by JRSaindo View Post
    Of course it helps, we don't use the oil we produce, we export it all and import the cheaper stuff. Oil drilling went way up in the last 6 years here in the US. Any time the pump price dips, there is conveniently a disruption in supply. Conspiracy? Probably not, but it makes one wonder wtf is going on.
    It is a byproduct of the reduction of the amount of supply in days maintained in storage tanks--it reduces costs for the holding for companies but makes the supply chain more vulnerable to fluctuations.

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    Re: Trade Deficit in U.S. Plunges on Record Petroleum Exports

    Quote Originally Posted by Fisher View Post
    Makes me wonder why with all the calls for "energy independence" we are exporting oil instead of consuming it and importing less........
    Probably because the oil companies are selling it at higher prices on the international market then they could domestically.
    - There was never a good war, or a bad peace.
    - Idealistically, everything should work as you planed it to. Realistically, it depends on how idealistic you are as to the measure of success.
    - Better to be a pessimist before, and an optimist afterwords.

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