U.S. Trade Deficit Narrows in June – Thanks to Oil and Natural Gas Exports
The Christian Science Monitor: WASHINGTON — An oil and gas boom helped drive the US trade deficit to a five-month low in June, according to federal data released Wednesday.
Increased domestic energy production means Americans are buying less foreign oil and gas, and selling more of it overseas. That has tamped down the trade deficit in recent years, helping along an economy that continues to recover from the Great Recession.
Some say the deficit could be slashed further if the US were to ease energy export restrictions put in place to protect US consumers from global energy shocks. But such a move would have impacts that go beyond the country’s balance of trade. Critics of oil and gas exports say they will raise energy prices at home, and increase the environmental impacts of extracting and burning fossil fuels.
Either way, a renaissance in oil and gas production is already changing the way officials, analysts, and economists look at the future of the US economy.
Read more: http://bit.ly/1vfbTEs
More industry news:
- Editorial: Commerce Department Should Allow Exports of U.S. Crude: http://wapo.st/1y9eXOC
- Up Close and Personal with a 40-Story Oil Rig in the Gulf: http://n.pr/1zYcQjm
- Analysis: Exporting Energy Has Broad, Expansive Benefits: http://herit.ag/1ohbwW2
- Deep Water Fracking Next Frontier for Offshore Drilling: http://bloom.bg/1y9crI7
- Ohio Nears Milestone 1,000th Fracking Well: http://bit.ly/1kp1sZW
By Mary Leschper
Originally posted August 7, 2014
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