Article source: CMDGroup
This Economy at a Glance examines the most interesting and surprising data from the latest U.S. foreign trade report.
(1) U.S. Oil Imports: Due to the rapid emergence of a domestic hydraulic fracturing industry, plus efficiency improvements and conservation-minded consumer behavior, there is nothing like the former U.S. energy-dependency with the rest of the world.
The steep drop in the global price of oil from a year ago, combined with some extreme exchange rate fluctuations, have rendered the dollar figures on U.S. energy trade confusing.
However, ‘Exhibit 17a’, in July’s publication, released jointly by the Census Bureau and the Bureau of Economic Analysis (BEA), presents the data in ‘barrels’.
‘Barrels’ as a volume measurement carry the same constant-valued connotation as ‘units’ for both housing starts and motor vehicle sales and ‘square footage’ for construction activity.
Year to date, through July of this year, Canada − by a considerable margin − accounted for the largest proportion of U.S. crude oil imports (41.2%). (Keep in mind that this has been without a go-ahead for the Keystone XL pipeline expansion.)