Saturday, October 3, 2009

Oil Imports and High Prices Contribute to Trade Deficit

According to The Dallas Morning News of November 14, 2007, U.S. crude oil imports in 2006 were $225.2 billion. These imports accounted for 27.6% of the 2006 trade deficit of $817 billion. The U.S. had trade deficits with the OPEC countries led by Saudi Arabia, Venezuela and Venezuela. The U.S. had a $103.8 billion deficit with Saudi Arabia.


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