Oil Imports On The Decline

The drop in net imports of oil (crude and petroleum products combined) was the major contributor to the United States reaching its lowest net trade deficit in November 2013 since 2009.

The drop in net imports of oil (crude and petroleum products combined) was the major contributor to the United States reaching its lowest net trade deficit in November 2013 since 2009, though the trade deficit increased in the final month of 2013. U.S. oil trade, by far the dominant component of overall U.S. energy trade, has seen major changes in recent years. In both absolute and percentage terms, U.S. net import dependence measured volumetrically (in terms of barrels or barrels per day) has been declining since 2005. See graph and read more....

 

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