Falling U.S. Petroleum Imports Because of Shale Boom Lowered the U.S. Merchandise Trade Deficit by $250 Billion From What It Would Have Been Otherwise
IHS Markit Ltd. Common Shares (INFO)
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Source: Business Wire
United States is now on track to become a net exporter of petroleum for the first time since at least 1949 with additional trade deficit gains expected WASHINGTON--(BUSINESS WIRE)-- The boom in U.S. oil and gas production over the past decade has exerted a moderating force on what is a large domestic merchandise trade deficit by helping reduce the country’s net petroleum imports, a new report by business information provider IHS Markit (Nasdaq: INFO) says. Continued U.S. production growth is now on track to make the country a net-exporter of petroleum for the first time since at least 1949. This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20181114005111/en/ (Graphic Credit: IHS Markit) The total U.S. merchandise trade deficit in 2017 was nearly $250 billion lower than it otherwise would have been if the petroleum (crude oil, refined products
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