Imports hit a record at $2.33 trillion, up 5.9 percent from the 2006 level. That increase was fueled by a 9.5 percent jump in oil imports which hit an all-time high of $331.23 billion. The average annual price for crude oil rose to a record of $64.27.
With oil prices rising even higher at the start of 2008 to nearly $100, expect the foreign oil bill to cause further trade issues and misery for the United States economy.
Source: US Department of Commerce
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