Oil Imports Make Up 80% Of The Trade Deficit For June 2008

The Census Bureau released data on the trade deficit for the month of June yesterday. For the month of June the trade deficit was $56.8 billion with oil imports accounting for $45.207 billion of that.

For the month of June we imported 382.7 million barrels of oil, 31.5 million barrels less than in June 2007. But because of higher oil prices we spent nearly $20 billion more than in June 2007 when we spent $26.723 billion on imported oil.

I wonder how long we as a country can continue to export so much of our national wealth and still hold the hope for our children to enjoy a better standard of living than we did.

Source : Hoosier Ag Today