So, I read the report on the trade deficit and shockingly no where is oil mentioned. We import about 20 million barrels of oil a day. At today’s approximated $60 per barrel that is $1.2 billion dollars a day in trade deficit. Multiply times 30 days in the month and $36 billion per month is our trade deficit with the world in oil. If my numbers are correct, then we would have a trade surplus if it weren’t for oil imports!!! Please someone correct me if I am wrong!
Let’s look at last year when oil was, say an average of $120 per barrel. Those are easy numbers, all other variables the same then our trade deficit would be $72 billion per month. Wow, read the article, last year we averaged $56.75 billion per month in trade deficit. I guess all other variables were not the same.
The REALITY IS the trade deficit is breaking this country, our wealth being shipped to other countries. Folks, this is a redistribution of wealth, in other words a TAX. This is easily curred, stop importing oil. That would break the backs of countries like: Russia, Iran, Venezuela, and affect others in the middle east, but those in the middle east don’t need any more money.
I know we can’t stop importing oil over night, but we can pass regulations that equalize the playing field for clean energies. REMEMBER, big oil has had the help of favorable regulations for years and today is still subsidized by the US Government or Tax payer for 10’s of billions of dollars per year.
OK, just some food for thought.
Just my opinion…Jeff Cameron