US Trade Deficit Soars Due to Foreign Oil

The US trade deficit soared to record level caused by record-high levels of imported crude oil.

The trade gap between what the US imports and what it sells abroad rose by 7.8 percent in April to $60.9 billion, according to the US Commerce Department.

Increased crude oil imports drove the higher deficit by $4.3 billion to a record $29.3 billion in April. And this was based upon the average per-barrel price of $96.81.

Higher crude oil prices in May of over $130 a barrel and the future will certainly increase the deficit in coming months.

Source: US Department of Commerce/Census Bureau

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