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ck4829 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-12-06 08:36 AM
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Trade Deficit Rises
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America's trade deficit rose in May as the price of imported oil jumped by the largest amount since 1990 in the run-up to the first U.S.-Iraq war.

The Commerce Department reported that the trade imbalance rose by 0.8 percent to $63.8 billion compared to a revised April deficit of $63.3 billion. While the increase was smaller than the 2.5 percent rise that economists had been expecting, it still represented the sixth largest deficit in history.

So far this year, the trade deficit is running at an annual rate of $763 billion, 6.5 percent higher than last year's record of $716.7 billion. President Bush's critics say the swelling trade deficits, which they blame on unfair trade practices in countries such as China, have contributed to the loss of nearly 3 million manufacturing jobs since Bush took office.

The increase in the May deficit reflected a 16.9 percent jump in America's foreign oil bill, which totaled $27.9 billion, up $4 billion from April. The increase reflected a big jump in the average price of imported crude oil which rose to $61.74 per barrel, an increase of $4.92 from April. That was the biggest monthly jump since a $6.06 increase from August to September 1990 after Iraq's invasion of Kuwait sent global oil prices soaring.
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