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Domestic oil production continues to improve trade picture

Posted on 26 February 2014

New data from the Energy Information Administration illustrates the improving trade picture for the United States due to a rapid increase in oil production. Rising production, flat demand, and increasing exports of refined petroleum products reduced the U.S. trade deficit to its lowest level in November 2013 since the aftermath of the financial crisis in 2009.
However, the quantity of oil imported dropped a lot more than its price tag. In other words, U.S. oil imports peaked in 2005 at around 10 million barrels per day………………………………………..Full Article: Source


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