Implications of reduced oil imports for the U.S. trade deficit

Implications of reduced oil imports for the U.S. trade deficit / Robert Z. Lawrence. Council on Foreign Relations, January 2014, 15 p.

Overview (© CFR) :

The United States ran historically large trade deficits during the 2000s and accumulated large debts to both official and private foreign lenders. This development has raised doubts in many quarters about the United States’ ability to play its leading role in the global financial system and concerns about the burdens of U.S. international indebtedness for future generations. Deficits in U.S. petroleum trade have been equal to a large fraction of the imbalance between U.S. imports and exports. Yet as of early 2014, U.S. oil trade deficits were projected to decline considerably, leading to claims that the overall trade deficit will decline sharply too… read more

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Energy Independence Won’t Slash the Trade Deficit: Study / Michael Levi, Energy, security and climate, 27/01/2014

Most things about the U.S. oil and gas boom are controversial, but one consequence seems pretty widely agreed: as the United States cuts its oil imports, its trade deficit will fall, solidifying the country’s position in the world…

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