Wonkblog breaks down how oil production is changing the dynamics of the US dollar.
The shift is visible both in the form of more fuels being exported and fewer imported. Most dramatically, so far this year the worth of crude oil the United States imported fell by $36.3 billion compared to the same period of 2012, a 13.7 percent drop. Crude oil exports, meanwhile, rose by $1.6 billion, a whopping 84 percent rise… A similar story is evident with natural gas.
A full year of those trade dynamics would add 1.5 percentage points to US growth. The bad news: The two sectors added a combined 31,000 jobs in the 12 months ended in September.
