Showing posts with label Trade Deficit. Show all posts
Showing posts with label Trade Deficit. Show all posts

Thursday, November 15, 2012

Great Economic News

The United States has exported 187 billion dollars worth of goods-an all time high and up 3.1 percent-for the month of September. This narrows the trade deficit to its lowest point in two years, at 41.5 billion.

Driving this uptick was the sale of the iPhone 5 as well as oil exports. A recent article in the New York Times (highlighting an IEA report) show the US is set to become the world's top oil producer in five years. In fact,

The United States will overtake Saudi Arabia as the world’s leading oil producer by about 2017 and will become a net oil exporter by 2030, the International Energy Agency said Monday.

Wow. Imagine how different a world that is going to be. It's going to give me an enormous amount of satisfaction to have the power shift in the way it is going to do so. So how has this happened?

That increased oil production, combined with new American policies to improve energy efficiency, means that the United States will become “all but self-sufficient” in meeting its energy needs in about two decades.