Economy

Barry Markson

(280 posts)

1. There's a huge increase in one major commodity

Reply to mahatmakanejeeves (Original post)

Tue Jan 9, 2024, 11:20 AM

Jan 2024

Might have an impact on the trade deficit.

Clifford Krauss, The New York Times:

Really, the story begins about 15 years ago with fracking, right, where, suddenly, the United States became a production powerhouse. And it's had its ups and downs, but, in the last year or so, there has been almost an unprecedented increase in production, actually the most since 2014.

And so at this point, the United States, as you mentioned, is producing about 13.5 million barrels a day, and we're heading towards 14 million barrels a day. That is more oil than any country in the world. That is a record for the United States, and it may well be the record for any country in the world.

And we are now, after Saudi Arabia, the biggest — we are we're exporting more oil than any member of OPEC, save Saudi Arabia.

https://www.pbs.org/newshour/show/how-u-s-oil-production-reached-an-all-time-high-in-2023#:~:text=And%20so%20at%20this%20point,any%20country%20in%20the%20world.

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U.S. monthly international trade deficit decreases in November 2023 from October 2023 deficit [View all] mahatmakanejeeves Jan 2024 OP

There's a huge increase in one major commodity Barry Markson Jan 2024 #1

Thanks. Welcome to DU. And good morning. NT (no text in the "Reply text" box) mahatmakanejeeves Jan 2024 #2

Actually ... marble falls Jan 2024 #3