Could Fracking Reduce the Trade Deficit?

Neil Irwin digs into the reasons for the recent decrease in America’s trade deficit – down 13% from October and the lowest monthly trade deficit in four years:

“Most of the decline in imports came about because of a $2.5 billion drop in the value of imported crude oil. That’s not just a one-month trend. Through the first 11 months of 2013, crude oil imports were down almost $40 billion, a 13.7 percent drop. There were also large drops in other petroleum products (liquified petroleum gas imports, down $2.2 billion, other petroleum products down $1.6 billion).”

“So, the domestic energy boom is translating pretty clearly into a more favorable trade balance for the United States, which in turn means stronger overall growth.”

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