The federal budget deficit is running at a pace that is more than double last year's imbalance through the first four months of the budget year, Tuesday, Feb. 12, 2008. (CBS/AP)
A record decline in the price of crude oil helped to push the U.S. trade deficit down to the lowest level in nearly a year even though the deficit with China shot up to an all-time high.
The Commerce Department reported Thursday that the trade deficit fell by 4.4 percent to $56.5 billion in September, the smallest imbalance since October 2007.
The better-than-expected improvement reflected a 15.7 percent fall in petroleum imports as the average price for imported crude oil dropped by a record $12.41 per barrel and the volume of shipments fell to the lowest level in more than five years.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus