The Commerce Department reported on Wednesday, August 6, that the U.S. Trade deficit narrowed more than was initially predicted in June as petroleum imports dropped to a 3-1/2 year low.
Last year, the trade deficit declined by 11.4 percent which was partly attributed to a boom in U.S. energy production. The increase in production cut into our dependence on foreign oil, while boosting our petroleum exports to a record high.
In 2014, our trade balance continues to improve with the great work of PESA members and our partners in the energy industry. The oilfield manufacturing, service and supply companies of PESA are not only providing a stable, affordable fuel source for Americans, we are also reducing our dependence on foreign oil and providing new jobs every day.
For more information on the report, visit:
US Department of Commerce press release
U.S. trade deficit narrows as petroleum imports fall via FoxBusiness.com