"Petroleum prices have risen sharply since early 2005. At the same time the average amount of imports of energy-related petroleum products has fallen slightly. The combination of sharply rising prices and a slightly lower level of imports of energy-related petroleum products translates into an escalating cost for those imports. This rising cost added an estimated $70 billion to the nation's trade deficit in 2005 and $50 billion in 2006. Imported energy prices moderated in January and February 2007, but began rising again in March and April, following a pattern of rising energy import prices in the spring and summer. This report provides an estimate of the initial impact of the rising oil prices on the nation's merchandise trade deficit. This report will be updated as warranted by events."
CRS Report for Congress, RS22204