US economy slowing down? Horrendous job reports? Oil tanks at Cushing full? Record levels of oil stored in US?
And then this: huge imports of oil into US in May, 2011.
The U.S. trade deficit surged in May to the highest level in more than two and a half years, driven upward by a big increase in oil imports.Something tells me that helps explain the decision to release oil from the SPR.
The Commerce Department said Tuesday that the deficit increased 15.1 percent to $50.2 billion in May. That's the largest imbalance since October 2008.
Exports declined 0.5 percent to $174.9 billion. Imports rose 2.6 percent to $225.1 billion. Oil prices have fallen since May, so the effect of higher prices should ease some in the coming months.
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