Friday, August 15, 2008

US Imports Climb From Oil

US Trade Deficit Imports Exports OPEC OilThat sucking sound you hear is our oil money going to fuel OPEC.

US imports rose 1.8 percent to $221.2 billion in June after increasing 0.3 percent in May.

The trade import figures reflect a staggering record $44.5 billion in purchases of foreign petroleum as well as record purchases of industrial supplies from overseas and increased demand for foreign-made autos and parts.

A barrel of imported crude oil cost $117.13 in June, up from $106.28 the previous month, according to the just-released trade report.

Most troubling of all, is the trade imbalance the US has with OPEC cartel countries. The OPEC deficit expanded by $200 million to a record $18.1 billion.

That's Billions (with a B) leaving the US to countries that really, really hate us.

Source: US Commerce Department

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