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Trade deficit heading for surplus
Washington Times, by Patrice Hill

Original Article

Posted By:Dreadnought, 12/25/2012 10:29:07 PM

While Washington wrestles with the nation’s burgeoning budget deficits, some good news has emerged on the other deficit front: The nation’s bloated trade deficit appears to be turning the corner, with at least one prominent economist predicting it will disappear altogether within a decade. A recent wave of “re-shoring” of overseas manufacturing plants by U.S. chemical, auto and other companies signals the revival of U.S. competitiveness in many industries vis-a-vis Europe, Japan, China and other major trade partners. The trend got a big push recently from a dramatic drop in American natural gas

      


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Reply 1 - Posted by: oh-heck, 12/25/2012 11:00:07 PM     (No. 9083617)

I retired from Dow at end of 2008. At that time natural gas was expensive and of uncertain long term availability. We were importing a great deal of oil and the US was non-competitive for both energy and chemical feedstocks. The ability to extract oil from tight oil formations in ND and then TX has changed the picture completely. 2 million barrels per day additional oil are being produced in US now and have replaced imported oil. The price of natural gas has fallen by a factor of 5. That´s about $700 billion that is no longer imported. And by 2017, huge amounts of plastics that would have previously been produced in Saudi will be produced in the US.

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Reply 2 - Posted by: absalom, 12/26/2012 12:33:53 AM     (No. 9083660)

If ´hydrofracking´ continues to expand nationally, the USA can become an oil exporter by 2016!

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Reply 3 - Posted by: woodsman, 12/26/2012 12:46:05 AM     (No. 9083664)

It´s mostly because the dollar has dropped dramatically in value

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Reply 4 - Posted by: binthere_dunthat, 12/26/2012 3:56:08 AM     (No. 9083722)

With the possibility of the U.S. improving its economical status, the current regime will no doubt see the need to throw a large number of EPA wrenches into its gears. Keeping in mind their obvious goals for destroying the U.S. economy, Fauxbama will need to do whatever possible to change such a threatening outcome as improved prosperity for the country. Sorry #4. Sometimes realism isn´t positive as the MO of "dear leader" consistently demontrates.

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Reply 5 - Posted by: Mr. Hanky, 12/26/2012 5:52:51 AM     (No. 9083742)

And you can thank cheap energy and natural gas fracking...

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Reply 6 - Posted by: Echohawk, 12/26/2012 10:30:49 AM     (No. 9084071)

This is stunning news; we´ve been running a trade deficit since the 1980´s.
A sign of the times: Matt Damon´s new anti-fracking movie was paid for by the United Arab Emirates. (They´d rather we continue to import Middle East oil.)

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Reply 7 - Posted by: stablemoney, 12/26/2012 10:49:09 AM     (No. 9084108)

I do not want my time wasted hearing about something being balanced within a decade. Don´t let the door hit you!

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Reply 8 - Posted by: absalom, 12/26/2012 1:18:51 PM     (No. 9084454)

Assume energy trends continue in the USA.
Since every action has an equivalent positive or negative reaction; expect the Middle East to decend into violent chaos.

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