49 comments on What does "Addicted to Oil" mean?
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SqueakyRat on February 7, 2006 - 11:31am
Yeah, but the point is that the trade deficit (or surplus) is exports minus imports. It makes no sense to think of one imported commodity as a fraction of the trade deficit. Oil is not half of US imports.
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Gets IT on February 7, 2006 - 2:42pm
Maybe somebody else said that. I didn't say it was half the US imports. I said its "almost half the trade deficit dollar value". If I want to know how the trade deficit value in USD originates and what % of the trade deficit can be attributed to oil imports - oil exports and I know the oil volume imported and the volume exported (assumed = relative 0) and the average cost of the imported oil, it makes sense to me. I know a certain amount of oil import value is offset by wheat exports, bond sales to foreign entities, and HP computers etc., but I don't care about that. I only want to know the relative impact of oil imports-exports towards calculating the value of the deficit, so I think it makes sense to think about it that way. At least I think it makes "engineering sense".
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