• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day Could Someone Give Me Insights on the Future of Renewable Energy?
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 hours Bankruptcy in the Industry
EU Sanctions on Russia Face Legal Challenges

EU Sanctions on Russia Face Legal Challenges

The recent legal challenges to…

Nigeria To Launch Crude Trading at its Commodity Exchange

Nigeria To Launch Crude Trading at its Commodity Exchange

Africa’s biggest oil producer, Nigeria,…

High Oil Prices Help To Send U.S. Trade Deficit To Nearly $1 Trillion

High oil prices have helped to send the U.S. international trade deficit to nearly $1 trillion, according to a Tuesday release by the Bureau of Economic Analysis.

The goods and services deficit in 2022 was $948.1 billion, an increase of $103 billion over the deficit in 2021, with imports up $556.1 billion.

The increase in trade deficit is in large part due to higher crude oil prices, although falling crude oil prices toward the back end of the year when crude prices were lower, saw imports of industrial supplies and materials--which includes crude oil—fall $2.7 billion to $59.6 billion. Exports in December fell to $250.2 billion, with goods shipments dropping 1.7% mainly on the back of falling crude prices.

Ovearll in 2022, exports of crude oil on a Census basis increased by $47.5 billion, with fuel oil increasing by $28.1 billion. Meanwhile, imports of crude oil rose by $65.1 billion, with other petroleum products increasing by $12.6 billion.

The U.S. deficit widened with countries such as China, the European Union, Mexico, Canada, Germany, Japan, India, Russia, and Saudi Arabia, to name but a few trade partners, but the largest increase in the deficit was with the EU.

Brent crude oil prices started 2022 around $80 per barrel—about $30 per barrel higher than the year prior. The United States purchased the most crude oil last year from Canada, with Mexico, and Saudi Arabia a distant second and third. The United State’s trade deficit with Canada grew $31.6 billion last year to $81.6 billion.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News