Press Releases

News from EPI Newsflash: Falling oil imports lessens US deficit

Share this page:

 

Return to EPI Newsroom | Browse news by TOPIC | Browse archived news by DATE | Search archived news releases by KEYWORD

NewsFlash: March 14, 2007

Falling oil imports lessens US deficit

The good news is that the U.S. current account (the broadest measure of the U.S. balance of trade in goods, services, and payments to the rest of the world) fell by $34 billion this quarter, according to analysis in today’s International Picture by EPI economist Robert Scott.  This improvement was mostly caused by a $21 billion fall in U.S. oil imports.

The bad news is that the current account deficit for just this past quarter is still $196 billion.  To give some perspective on such a large debt, last year the United States consumed 6.5 percent more than it produced and borrowed more than $3 billion every business day – mostly from foreign governments – to finance its $857 billion account deficit for the year.

For interviews or more information, contact the EPI Communications Department at 202-775-8810 or news@epi.org.

Click here for how to describe EPI.