Petroleum prices rose sharply between September 2010 and June 2011, at times reaching more than $112 per barrel of crude oil. Although this is still below the $140 per barrel price reached in 2008, the rising cost of energy was one factor that helped to dampen the rate of growth in the economy during the second half of 2011. While the price of oil was rising, the volume of oil imports, or the amount of oil imported, decreased slightly. Overall resistance by market demand to changes in oil prices reflects the unique nature of the demand for oil and an increase in economic activity that occurred following the worst part of the economic recession in 2009. Turmoil in the Middle East was an important factor causing petroleum prices to rise sharply in the first four months of 2011. Although prices for imported oil fluctuated somewhat throughout the year, they averaged 30% higher than in 2010 and added about $100 billion to the total U.S. trade deficit in 2011. The increase in energy import prices is pushing up the price of energy to consumers and could spur some elements of the public to pressure the 112th Congress to provide relief to households that are struggling to meet their current expenses. With oil prices rising to over $100 per barrel in early 2011, the International Energy Agency cautioned that the rising price of oil was becoming a threat to the global economic recovery. This report provides an estimate of the initial impact of the changing oil prices on the nation’s merchandise trade deficit.
Please read full and follow at:
http://www.fas.org/sgp/crs/misc/RS22204.pdf

DISCLAIMER: Environmental, Health and Safety News is not affiliated with or maintained by ANY for profit or non-profit entity. It is a 100% volunteer effort free from advertising or sponsorship of any kind. This site is intended to be an educational and not-for-profit website providing useful information for security, environmental, health, sciences, transportation, and public safety professionals and the general public. It is not “for the purpose of trade, to induce the sale of any goods or services.”
In the Webmaster’s opinion, any incidental use of any pictures and graphics, or quoted words on this site is not a violation of any trademark for the any reasons stated above. The webmaster will fully cooperate with any and everyone that believes any section of the site are in violation of fair use.

The use of any and all copyrighted works in the creation of this site is, in the Webmaster’s opinion, protected by 17 USC 107 (see Creative Commons License below). If the owner of a copyrighted work used in the creation of this site believes that 17 USC 107 does not apply to the use of their work, the site’s creator will cooperate to the fullest extent possible.

FAIR USE NOTE: The site provides information of a general & public nature regarding national or other developments. None of the information contained herein is intended as legal advice or opinions relative to specific matters, facts, situations or issues. Additional facts, information or future developments may affect the subjects addressed in this site. You should consult with an expert about your particular circumstances before acting on any of this information because it may not be applicable to your situation. This site contains information and links to sites which are not owned or maintained by this site. This site is not responsible for the content, linked sites, and the views expressed on linked sites do not necessarily reflect our views or opinions. The information contained herein is provided for personal, non-commercial, educational, entertainment and informational purposes only and does not constitute a guarantee of information or facts. This site makes no claims, expressed, implied, or statutory regarding the accuracy, timeliness, completeness, or correctness of any material contained herein. Since the conditions of use are outside my control, the individual visitor is entirely responsible for determining the appropriateness and applicability of all information contained herein.

This website is licensed under a Creative Commons License.

Back to Top