by flybiggles555@yahoo.com (James Hamilton)
On
Wednesday I noted that encouraging more U.S. oil production was
unlikely to result in a significant drop in U.S. retail gasoline prices.
Nevertheless, I believe that there would be some important economic
benefits from lowering the U.S. oil import bill, as I discuss here.In
2011, the U.S. imported $462 billion of petroleum and petroleum
products, or more than a billion dollars every day (see BEA Table
4.2.5). The fact that we import goods from other countries is not a
problem per se. Standard economic theory teaches that if the U.S.
imports…Read more...
http://oilprice.com/Energy/Crude-Oil/The-Economic-Benefits-of-Reducing-Oil-Impo
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