Oil Exports Trim U.S. Deficit as Fuel Gap Shrinks: Economy – Bloomberg 02-08-13

Salient to Investors:

JPMorgan Chase, Barclays, and Morgan Stanley upped Q4 GDP estimates to show a gain.

The US trade deficit in December narrowed to the lowest since January 2010 and lower than 73 economist estimates on record petroleum exports. The US met 84 percent of its own energy needs in the first 10 months of 2012, on track to be the highest annual rate since 1991. Fuel efficiency of the average US passenger vehicle increased to 33.8 miles per gallon in 2012 last year versus 29 mpg in 2011 and 19.9 mpg in 1978.

Andy Lipow at Lipow Oil Associates said the trend toward energy independence is picking up, boding well for our economy and reliance on other countries for oil. Lipow said the repatriation of manufacturing jobs trend will continue.

Brian Jones at Societe Generale said the outlook for US exports is positive given Europe looking less weak and Asia getting better.

Read the full article at http://www.bloomberg.com/news/2013-02-08/trade-deficit-in-u-s-plunges-on-record-petroleum-exports.html

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