U.S. Trade Deficit and the Impact of
Changing Oil Prices
James K. Jackson
Specialist in International Trade and Finance
June 18, 2012February 21, 2013
Congressional Research Service
7-5700
www.crs.gov
RS22204
CRS Report for Congress
Prepared for Members and Committees of Congress
U.S. Trade Deficit and the Impact of Changing Oil Prices
Summary
Petroleum prices rose sharply between January 2012 and April 2012, at times reaching more than
$109 per barrel of crude oil. Although this is still below the $140 per barrel price reached in 2008,
the rising cost of energy was one factor that helped to dampen the rate of growth in the economy
during the second half of 2011 and the first half of 2012. WhileAs the price of oil was risingrose, the
volume of
oil imports, or the amount of oil imported, decreased slightly from the comparable
period in the previous year. 2011.
In general, market demand for oil remains highly resistant to changes
in oil prices and reflects the
unique nature of the demand for oilenergy-related imports. In addition, sustained demand
for for crude
oil in the face of higher prices reflected an increase in economic activity that occurred
following following
the worst part of the economic recession in 2009. Turmoil in the Middle East was an
important factor causing important
factor that caused petroleum prices to rise sharply in early 2011 and in 2012. Although
prices for imported
imported crude oil fluctuated somewhat throughout 2011, they averaged 30% higher than in
2010 2010
and added about $100 billion to the total U.S. trade deficit in 2011. Oil futures markets in
June indicated that oil prices were expected to fluctuate around the $83 per barrel recorded in
June 2012, in part because oil producers agreed in mid-June to maintain the then-current
production levels to stabilize market prices. The increase in energy import prices in 2011 pushed
up the price of energy to consumers. In such cases, some elements of the public tend to pressure
Congress to February 2013 indicated that oil traders expected prices to trend downward from the average per
barrel price of $95 recorded in December 2012 to around $90 per barrel by the fall of 2013. On
average, energy import prices in 2012 were slightly higher than they were in 2011, pushing up the
price of energy to consumers. At times, some elements of the public pressured Congress to
provide relief to households that are struggling to meet their current expenses. This
report report
provides an estimate of the initial impact of the changing oil prices on the nation’s
merchandise merchandise
trade deficit.
Congressional Research Service
U.S. Trade Deficit and the Impact of Changing Oil Prices
Contents
Background ...................................................................................................................................... 1
Issues for Congress .......................................................................................................................... 68
Figures
Figure 1. Quantity of U.S. Imports of Energy-Related Petroleum Products.................................... 3
Figure 2. Value of U.S. Imports of Energy-Related Petroleum Products ........................................ 4
Figure 3. U.S. Import Price of Crude Oil......................................................................................... 6
Figure 4. Quantity, Value, and Price of Imported Crude Oil
by the United States, 1973-2011 ................................................................................................... 7
Tables
Table 1. Summary Data of U.S. Imports of Energy-Related Petroleum Products, Including
Oil (not seasonally adjusted) ........................................................................................................ 2
Table 2. U.S. Imports of Energy-Related Petroleum Products, Including Crude Oil (not
seasonally adjusted) ...................................................................................................................... 4
Contacts
Author Contact Information............................................................................................................. 79
Congressional Research Service
U.S. Trade Deficit and the Impact of Changing Oil Prices
Background
According to data published by the U.S. Census Bureau of the U.S. Department of Commerce,1 the prices
of petroleum products during the first four months of 2012 rose 7
the average price of imported petroleum products in 2012 rose 1% over the same period in 2011
to reach an average price of $106101.07 per barrel. In 2008, petroleum prices reached nearly $140 per
per barrel, before falling at a historic rate.2 Generally, petroleum prices rise during the winter and
spring months and then decline in the fall. Following the economic recession in 2009, however,
average petroleum prices fell each month between August 2008 and February 2009, but then
reversed course and rose by 85% between February and December 2009, climbing to nearly $80
per barrel at times. In 2010, petroleum prices reached a peak average price of about $77 per barrel
in April before falling to around $72 per barrel in July 2010. In December 2010, as the pace of
economic growth increased, petroleum importimported petroleum prices averaged nearly $80 per barrel and
continued to increase, reaching over $112 per barrel at times in March, April, and May 2011.
Petroleum import prices then trended downward through the end of 2011,rose in 2012 to peak at an average monthly price of $110 per barrel in
April 2012 before falling to an average
price of $99.7195 per barrel in December 2011. 2012.
Oil futures contracts for fall 2012in February 2013 indicate that
crude oil prices are expected to average $85 88
to $8790 per barrel through the fall of 2012end of 2013, reflecting
the slowdown in economic the prospect of a slow rate of economic
growth in most marketsgeographic regions. Turmoil in the Middle East, natural disasters,
and hurricanes, and
droughts, however, could have a significant impact on the course of oil prices for the
foreseeable foreseeable
future. As a result of changing petroleum prices, the price changes in imported
energy-related
petroleum products worsened the U.S. trade deficit in 2006-2008 and 2010-2011.3
Energy-related petroleum Relatively
steady prices in 2012, combined with a decline in the volume of oil imported resulted in a slight
decline in the role of energy imports in the nation’s trade deficit. Energy-related petroleum
products is a term used by the U.S. Census Bureau that includes crude
oil, petroleum
preparations, and liquefied propane and butane gas. Crude oil comprises the largest
share by far
within this broad category of energy-related imports.
In 2009, the slowdown in the rate of growth in the U.S. economy reduced the amount of energy
the country imported and helped push down world energy prices. Economic growth improved
through 2010 and into the first half of 2011, driving up energy imports and energy prices.
Although the pace of economic growth in the United States and Europe slowed in the last half of
2011, petroleum prices moderated only slightly. In isolation from other events, lower energy
prices tend to aid the U.S. economy, which makes it a more attractive destination for foreign
investment. Such capital inflows, however, place upward pressure on the dollar against a broad
range of other currencies. To the extent that the additions to the merchandise trade deficit are
returned to the U.S. economy as payment for additional U.S. exports or to acquire such assets as
securities or U.S. businesses, the U.S. trade deficit could be mitigated further.
Summary data from the Census Bureau for the change in the volume, or quantity, of energyrelated petroleum imports and the change in the price, or the value, of those imports for 2011 and
estimated values for 2012 are presented in Table 1. The data indicate that during 2011, the United
States imported about 4.2 billion barrels of energy-related petroleum products, valued at $421
billion. On average, energy-related imports for 2011 were down 2.7% in volume terms from the
average amount in 2010 and cost an average of 30% more than similar imports during the same
1
U.S. Department of Commerce, U.S. Census Bureau, Report FT900, U.S. International Trade in Goods and Services,
Table 17, June 8, 2012February 8, 2013. The report and supporting tables are available at http://www.census.gov/foreign-trade/PressRelease
Press-Release/current_press_release/ftdpress.pdf.
2
For information about the causes of the run up in oil prices, see Hamilton, James, Causes and Consequences of the Oil
Shock of 2007-2008, Brookings Papers on Economic Activity, Spring 2009.
3
For additional information about U.S. oil imports, see out-of-print see CRS Report R41765, U.S. Oil Imports: Context and
and Considerations, by Neelesh Nerurkar, available upon request.
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U.S. Trade Deficit and the Impact of Changing Oil Prices
2012 are presented in Table 1. The data indicate that during 2011, the United States imported
about 4.2 billion barrels of energy-related petroleum products, valued at $421 billion. On average,
energy-related imports for 2011 were down 2.7% in volume terms from the average amount in
2010 and cost an average of 30% more than similar imports during the same period in 2010.
period in 2010. These data demonstrate that U.S. demand for oil imports is highly resistant to
changes in oil
prices. According to various studies, U.S. demand for oil is correlated more closely
to U.S. per
capita income than to changes in oil prices.4 Based on four months of data, estimates
for 2012 indicate that with the average price of around $106 per barrel, U.S. imported petroleum
costs could rise by about $30 billion in 2012 to reach $451Data for 2012 indicate that with the average price per
barrel of oil of around $101, U.S. imported petroleum costs fell by $24 billion in 2012 from the
amount recorded in 2011 to reach $398 billion.
Table 1. Summary Data of U.S. Imports of Energy-Related Petroleum Products,
Including Oil (not seasonally adjusted)
January - April
2011
2012
Quantity
(millions of
barrels)
Value ($
billions)
Quantity
(millions of barrels)
% change
2011 to
2012
Value ($ billions)
% change
2011 to
2012
Total energyrelated
petroleum
products
1,383.0
$129.9
1,285.9
-7.0%
$139.1
7.0%
Crude oil
1,077.1
$99.1
1,037.3
-3.7%
$110.4
11.4%
January through December
2011
2012
(Actual values)
(Estimated values)through December
2011
2012
Quantity
(millions of
barrels)
Value ($
billions)
Quantity
(millions of barrels)
% change
2010 to
2011
Value ($ billions)
% change
2010 to
2011
Total energyrelated
petroleum
products
4,165.0
$421.4
3,872.4848.2
-7.0%
$451.0
7.06%
$397.5
-5.7%
Crude oil
3,324.3
$331.7
3,201.5
-3.7%
$369.5
11.4094.2
-6.9%
$313.0
-5.6%
Source: U.S. Department of Commerce, U.S. Census Bureau, Report FT900, U.S. International Trade in Goods
and Services, Table 17, June 8, 2012February 8, 2013.
Note: Estimates for January through December 2012 were developed by CRS from data in January-AprilJuly, 2012,
and data through 2011 published by the Census Bureau using a straight line extrapolation.
The data also indicate that in 2011, the quantity of energy-related petroleum imports fell by 2.7%
compared with the comparable period in 2010; crude oil imports fell by 1.6% from the same
period in 2010. Year-over-year, the average value of energy-related petroleum products imports
rose by 30% in 2011, while the average value of crude oil imports rose by 31.5%. In 2012, the
quantity of energy-related petroleum imports fell 7.6% from the comparable period in 2011 as the
pace of economic growth slowed. Crude oil imports fell by 6.9% from the amount imported in
2011. As Figure 1 As Figure 1
shows, imports of energy-related petroleum products can vary sharply on a monthly basis. In
monthly basis. In 2012, imports of energy-related petroleum products averaged about 320 million
barrels per month, compared with an average of 347 barrels per month in 2011.
4
Hamilton, Causes and Consequences of the Oil Shock of 2007-2008; World Economic Outlook, Chapter 3,
International Monetary Fund, April 2011. According to the IMF, for developed economies, a 10% increase in oil prices
is estimated to result in a 0.2% decrease in oil consumption, but a 10% increase in income leads to a 6.8% increase in
oil consumption.
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U.S. Trade Deficit and the Impact of Changing Oil Prices
2011, imports of energy-related petroleum products averaged about 347 million barrels per
month.
Figure 1. Quantity of U.S. Imports of Energy-Related Petroleum Products
440
Millions of barrels
420
400
380
360
340
320
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
Aug
Sep
Oct
November
December
January
February
March
April
300
2008
2009
2010
2011
2012
Source:Figure 1. Quantity of U.S. Imports of Energy-Related Petroleum Products
Source: U.S. Department of Commerce.
In value terms, energy-related imports rosefell from a total value of $324421 billion in 20102011 to $421397
billion in 2011, or an increase of 302012, or a decrease of 5.7%, to account for about 2018% of the value of total U.S.
merchandise imports. EnergyIn previous periods, energy prices rose sharply in 2007 and continued rising
from January
through July 2008, not following previous trends of falling during the winter
months. The cost of
U.S. imports of energy-related petroleum products rose from about $17
billion per month in early
2007 to $53 billion a month in July 2008, but fell to $13.6 billion a
month in February 2009,
reflecting a drop in the price and in the volume of imported oil. The
average price of imported oil
in April in December 2012 was $109.9, up 795.16, down 9% from an average of $103.2 in April104.1
in December 2011 and updown from the
average price per barrel of $103.89 in January 2012. As
Figure 2 shows, the value of total energy
imports (reflecting the change in the amount of imports
and the change in the price of those
imports) in April 2012 rose 5.9December 2012 fell 6% from January 2012 to reach about $36.5 billion and up about
7% from the total value of
about $27 billion and down 8.6% from the value of total energy imports in AprilDecember 2011, as
indicated in Table 2.
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U.S. Trade Deficit and the Impact of Changing Oil Prices
Figure 2. Value of U.S. Imports of Energy-Related Petroleum Products
$45
$40
$35
Billions of dollars
$30
$25
$20
$15
$10
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
Aug
Sep
Oct
November
December
January
February
March
April
$5
2008
2009
2010
2011
2012
Source:
Source: U.S. Department of Commerce.
As a result of the drop in the overall value of energy-related imports in 2009, the trade deficit in
energy-related imports amounted to $204 billion, down by nearly half from the $386 billion
recorded in 2008, and accounted for 40% of the total U.S. trade deficit of $517 billion for the
year. In 2011, the rise in oil prices, year over year, combined with a slight decrease in energy
imports, pushed up the overall value of energy imports, which accounted for 44% of the total
merchandise trade deficit. In April 2012, the share of the U.S. trade deficit arising from energy
imports was 43%, down from the 45% recorded in Aprilattributed to energy imports
was 40%; the share in December 2012 was 33%, down from 42% recorded in December 2011.
Table 2. U.S. Imports of Energy-Related Petroleum Products, Including Crude Oil
(not seasonally adjusted)
Total energy-related
petroleum productsa
Period
Quantity
(millions of
barrels)
Value
($ billions)
Crude oil
Quantity
(millions of
barrels)
Thousands
of barrels
per day
(average)
Value
($ billions)
Unit price
(dollars)
2011
Jan.-Dec.
January
4,165.0
421.4
3,324.3
9,108
331,698.1
99.78
Jan.-Apr.
1,383.0
129.9
1,077.1
8,976
99.1
92.02
January
375.3
32.2
290.7
9,376
24.5
84.34
February
307.3
27.2
242.4
8,656
21.1
87.17
March
371.4
35.7
295.1
9,520
27.7
93.76
April
329.2
35.0
252.2
8,408
26..0
103.18
May
350.7
38.8
275.3
8,879
29.9
108.70
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U.S. Trade Deficit and the Impact of Changing Oil Prices
Total energy-related
petroleum productsa
Quantity
(millions of
barrels)
Period
Value
($ billions)
Crude oil
Quantity
(millions of
barrels)
Thousands
of barrels
per day
(average)
Value
($ billions)
Unit price
(dollars).7
99.78
375.3
32.2
290.7
9,376
24.5
84.34
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U.S. Trade Deficit and the Impact of Changing Oil Prices
Total energy-related
petroleum productsa
Quantity
(millions of
barrels)
Period
Value
($ billions)
Crude oil
Quantity
(millions of
barrels)
Thousands
of barrels
per day
(average)
Value
($ billions)
Unit price
(dollars)
February
307.3
27.2
242.4
8,656
21.1
87.17
March
371.4
35.7
295.1
9,520
27.7
93.76
April
329.2
35.0
252.2
8,408
26..0
103.18
May
350.7
38.8
275.3
8,879
29.9
108.70
June
366.8
39.4
296.7
9,889
31.4
106.00
July
350.9
37.2
281.1
9,067
29.5
104.27
August
365.4
38.0
302.5
9,757
31.0
102.62
September
343.6
35.1
280.1
9,338
28.3
101.02
October
325.9
32.6
263.2
8,490
26.0
98.84
November
336.9
34.8
266.2
8,874
27.3
102.50
December
341.8
35.5
278.9
8,998
29.0
104.13
2012
Jan.-Apr.
1,285.9
139.1
1,037.3
8,573
110.4
106.45Dec.
3,848.2
397.5
3,094.2
8,454
313.0
101.16
January
344.8
36.1
270.7
8,733
28.1
103.81
February
283.7
30.0
225.7
7,783
23.4
103.63
March
332.1
36.5
270.9
8,738
29.2
107.95
April
325.4
36.5
270.0
9,000
29.7
109.94
May
331.3
36.3
272.3
8,784
29.4
107.91
June
331.8
33.6
263.4
8,781
26.4
100.13
July
337.2
32.2
275.1
8,875
25.8
93.83
August
341.0
33.4
273.9
8,835
25.8
94.36
September
307.9
31.6
246.7
8,222
24.4
98.88
October
323.0
33.2
259.7
8,376
25.9
99.75
November
306.1
30.6
243.0
8,100
23.7
97.45
December
284.0
27.6
222.8
7,189
21.2
95.16
Source: U.S. Department of Commerce, U.S. Census Bureau, Report FT900, U.S. International Trade in Goods
and Services, Table 17, June 8, 2012February 8, 2013.
a.
Energy-related petroleum products is a term used by the Census Bureau and includes crude oil, petroleum
preparations, and liquefied propane and butane gas.
Crude oil comprises the largest share of energy-related petroleum products imports. According to
Census Bureau data,5 imports of crude oil fell from an average of 9.8 million barrels of crude oil
imports per day in 2008 to an average of 9.1 million barrels per day in 2009, or a decrease of 7%.
In April 2012, such imports averaged 9.0 million barrels per day, or an increase of 7.0% from the
volume of such imports recorded in April 2011, and an increase of 3% over March 2012. From
5
Report FT900, U.S. International Transactions in Goods and Services, Table 17, February 8, 2013.
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U.S. Trade Deficit and the Impact of Changing Oil Prices
From January 2008 to June 2008, the average price of crude oil increased from $84 per barrel to
$117
per barrel, or an increase of 39%. As a result, the value of U.S. crude oil imports rose from about
about $27 billion a month in January 2008 to $35 billion a month in June 2008. In 2011, crude oil
imports averaged 277 million barrels per month at an average value of $27.6 billion a month. Oil
import prices in 2011 rose from about $84 per barrel in January 2011 to an average of $104.1 in
December 2011. As shown in Figure 3, oil import prices rose steadily between September 2010
and May 2011, fell from June 2011 to October 2011, and then rose again through December 2011.
5
Report FT900, U.S. International Transactions in Goods and Services, Table 17, June 8, 2012.
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U.S. Trade Deficit and the Impact of Changing Oil Prices
Figure 3. U.S. Import Price of Crude Oil
$125
$115
Dollars per barrel
$105
$95
$85
$75
$65
$55
$45
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
Apr
May
June
July
Aug
Sep
Oct
November
December
January
February
March
April
$35
2008
2009
2010
2011
2012
Source:
In December 2012, imports of crude oil averaged 7.2 million barrels per day, or a decrease of
20% from the volume of such imports recorded in December 2011, and an increase of 1% over
June 2012. Crude oil prices rose from an average of $103 per barrel in January to $109.9 per
barrel in May 2012, before falling to an average of $93.8 per barrel in July 2012. By October
2012, crude oil prices had risen to nearly $100 per barrel, before falling to $95 per barrel in
December 2012. As a result of the changes in crude oil prices, the total value of imported crude
oil reached $29.7 billion in April 2012, before falling to $21.2 billion in December 2012.
Figure 3. U.S. Import Price of Crude Oil
Source: U.S. Department of Commerce.
As previously indicated, the combination of changes in the volume, value and prices of crude oil
can have a large impact on the total value of U.S. imports and on the size of the U.S. trade deficit.
Figure 4 shows the annual amounts of the volume, value, and price of U.S. crude oil imports
from 1973-2011, represented in index terms with 1990 as the base year. The data indicate that the
overall volume of U.S. imports of crude oil increased by about 40% between 1990 and 2012 in
index terms. The price of crude oil, represented by the average price of a barrel of crude oil on an
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U.S. Trade Deficit and the Impact of Changing Oil Prices
annual basis, rose by 512% between 1990 and 2012 in index terms. As a result, the total value of
U.S. crude oil imports, representing the price per barrel times the number of barrels of crude oil
on an annual basis, rose by over 700% between 1990 and 2012 on an index number basis.
Figure 4. Quantity, Value, and Price of Imported Crude Oil
by the United States, 1973-2011
(Index terms; 1990 = 100)
Source: U.S. Department of Commerce.
Data for 2008 and 2009 indicate that a number of factors, primarily the economic recession, had a
large impact on pushing down oil prices in the first three months of 2009. As economic growth
picked up,
the higher demand for oil tended to raise pressure on oil prices, which rose through the
end of the
year. The rise in oil prices and an increase in the volumes of oil imports during the period
period combined to raise the overall cost of imported energy. At times, crude oil traded for nearly
$148
per barrel in July 2008, translating into higher imported energy costs that had a significant impact
impact on the overall costs of U.S. imports and on the size of the U.S. trade deficit. Since those record
record prices, the price of imported crude oil fell to under $40 per barrel at times in January and
February 2009. For the year 2009, the imported volume of energy-related petroleum products fell
by 44% compared with 2008, due in large part to a slowdown in economic activity. At an average
price of $56 per barrel in 2009, compared with an average price of $95 per barrel in 2008, energyrelated imports fell by nearly $130 billion as a component in the overall U.S. trade deficit. For
2010, the total cost of energy imports rose to $323 billion at an average price of $75 per barrel
and accounted for 41% of the annual trade deficit. In 2011, at an average price of imported energy
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U.S. Trade Deficit and the Impact of Changing Oil Prices
of about $100 per barrel, the total cost of energy imports rose to $421 billion, or about $100
billion more than the cost of energy imports in 2010. Based on year end data, the value of energyrelated imports in 2012 was $397 billion, 5% below that recorded in 2011, thereby reducing
slightly the contribution of energy-related products to the overall U.S. trade deficit.
Issues for Congress
The rise in the prices of energy imports experienced from early 2012 through AprilMay 2012 likely
will have a negative impact on the annual U.S. trade deficit in 2012, especially if those price run
higher towards the end of the year. The ubiquitous nature of oil in the economy generally means
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U.S. Trade Deficit and the Impact of Changing Oil Prices
that changes in energy prices will affect the U.S. rate of inflation and the rate of economic
growth. Various factors, dominated by the political turmoil in the Middle East and the rate of
economic growth in Asia and other developing economies, combined in 2011 to push up the cost
of energy imports. The pace of economic growth, however, stalled in the second quarter of 2012,
which could have an important effect on both the levels of oil imports and on the price of such
imports if economic growth remains listless. Typically, energy import prices have followed a
cyclical pattern as energy prices roserise in the summer and declinedfall in the winter. The slowdown in
the the
rate of economic growth in the United States and elsewhere in 2009 sharply reduced the
demand demand
for energy imports and caused oil prices to tumble from the heights they reached in July
2008. An
important factor that often affects crude oil prices is the impact Atlantic hurricanes have
on the
production of crude oil in the Gulf of Mexico and, in 2012, the drought in the mid-Western
United States reduced the production of corn and, therefore, the availability of ethanol, which put
upward pressure on gasoline prices.
The return to a positive rate of economic growth in 2010 placed upward pressure on the prices of
energy imports and contributed to the nation’s merchandise trade deficit. Some of the impact of
this deficit could be offset if some of the dollars that accrue abroad are returned to the U.S.
economy through increased purchases of U.S. goods and services or through purchases of such
other assets as corporate securities or acquisitions of U.S. businesses. Some of the return in
dollars likely will come through sovereign wealth funds, or funds controlled and managed by
foreign governments, as foreign exchange reserves boost the dollar holdings of such funds. Such
investments likely will add to concerns about the national security implications of foreign
acquisitions of U.S. firms, especially by foreign governments, and to concerns about the growing
share of outstanding U.S. Treasury securities that are owned by foreigners.
Social turmoil in the Middle East created uncertainty in the oil markets in 2011 and into 2012 and
was an important factor driving oil prices. As was the case in 2008, high and sustained oil prices
have a detrimental effect on the pace of economic growth in many parts of the world. It is
possible for the economy to adjust over the long term to the higher prices of energy imports by
improving its energy efficiency, finding alternative sources of energy, or searching out additional
supplies of energy. Higher oil prices may well cause consumers to increase pressure on Congress
to assist in this process. For Congress, the increase in the nation’s merchandise trade deficit could
add to existing inflationary pressures and complicate efforts to reduce the government’s budget
deficit and to stimulate the economy should the rate of economic growth stall. In particular,
Congress, through its direct role in making economic policy and its oversight role over the
Federal Reserve, could face the dilemma of rising inflation, which generally is treated by raising
interest rates to tighten credit, and a slow rate of economic growth, which is usually addressed by
lowering interest rates to stimulate investment. A sharp rise in the trade deficit may also add to
pressures for Congress to examine the causes of the deficit and to address the underlying factors
Congressional Research Service
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U.S. Trade Deficit and the Impact of Changing Oil Prices
that are generating that deficit. In addition, the rise in prices of energy imports could add to
concerns about the nation’s reliance on foreign supplies for energy imports and add impetus to
examining the nation’s energy strategy.
Author Contact Information
James K. Jackson
Specialist in International Trade and Finance
jjackson@crs.loc.gov, 7-7751
Congressional Research Service
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