Friday, May 15, 2009

Oil Imports Widen Trade Deficit...Again

oil imports
Should Americans buy domestic renewable biofuels or continue to send our money overseas?   That's a good question we should all consider based on the latest trade figures from the US government.

The U.S. trade deficit widened during March, as the price and use of imported oil both climbed.

The U.S. deficit in international trade increased to $27.58 billion from February's $26.13 billion, according to the U.S. Commerce Department. 

The value of crude oil imports increased in March to $11.98 billion, from $10.00 billion in February. 

The average price per barrel of imported crude in March rose by $2.14 to $41.36 from $39.22. 

Last year, imported oil topped at $124.66 billion in July.

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