Soaring Oil Imports Now Could Hobble The U.S. LaterGene Koretz
While many factors contributed to the latest jump in America's trade deficit, one seems especially ominous. William V. Sullivan Jr. of Dean Witter Reynolds Inc. notes that U.S. imports of crude oil and refined products in July and August hit a record of nearly 10 million barrels a day. Such energy imports since March are up 9.2% from 1993, accounting for some 55% of domestic demand.
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