Excellent Energy

In an amazing turn of events, the US petroleum trade deficit in 11/18, the latest month for which we have data, was just $625 million. As recently as mid-2008 it was a record-high $40 billion/month. What happened? Lower oil prices, down from almost $150/bbl to just $53/bbl, and the fracking revolution. During this same period our non-petroleum deficit has worsened from $25 billion/month to $50 billion/month and growing.

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