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US Trade Deficit Drops – Thanks To Oil Exports

From a quietly annoyed Associated Press:

US trade deficit drops to $40.6 billion in October

By Martin Crutsinger | December 4, 2013

WASHINGTON (AP) — The U.S. trade deficit fell in October, helped by America’s energy boom that lifted overall exports to an all-time high…

Exports rose 1.8 percent to a record $192.7 billion, buoyed by a 6 percent gain in petroleum exports…

The U.S. is benefiting from an energy revival, which has lessened its dependence on foreign oil. U.S. petroleum exports are up 9.3 percent in the first 10 months of this year compared with the same period in 2012. At the same time, petroleum imports are down 11.1 percent.

Despite the Obama administration’s best efforts. Which has fought fracking tooth and nail. And which has yet to grant any increase in drilling on federal lands. And which continues to even block the Keystone Pipeline.

The drop in oil imports has been helped by lower global prices.

BS. In fact, the truth is exactly the opposite. Global prices are down because of the increase in US exports. Which, we have been told for years, would never decrease the price of oil. The people (like Sarah Palin) who said, ‘drill here, drill now,’ were mocked by the Obama administration and their media minions.

A smaller trade deficit can boost economic growth…

The hell you say! Of course, that is just another reason for Obama to kill fracking and all of our other efforts to increase our energy supplies. After all, no matter what he says to the contrary, Obama needs his recession.

It’s a lot harder to ram through more welfare benefits and more socialism in general when there is economic growth and people are hiring.

This article was posted by Steve on Thursday, December 5th, 2013. Comments are currently closed.

One Response to “US Trade Deficit Drops – Thanks To Oil Exports”

  1. GetBackJack says:

    We’re exporting oil even as we’re importing oil?

    Uh .. wut?

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