From the Summary: "Rapid changes in the price of oil and the impact of such price changes on economies around the globe have attracted considerable attention. In mid-2008 as the price of oil rose to unprecedented heights and then dropped sharply, the international exchange value of the dollar fell and then rose relative to a broad basket of currencies. For some, these two events seem to indicate a cause and effect relationship between changes in the price of oil and changes in the value of the dollar. […] Changes in oil prices also affect the U.S. trade deficit. That impact of oil prices on the trade deficit lessened in 2009 and 2010 as the price of oil plummeted and as a drop in economic activity reduced demand for oil imports. A more rapid pace of economic growth in many of the developing economies in 2011 exerted upward pressure on oil prices that will translate into a higher U.S. trade deficit in 2011. This report provides an assessment of the impact a range of prices of imported oil could have on the U.S. trade deficit."
CRS Report for Congress, RL34686