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Summary:
Petroleum prices have risen sharply since early 2004. At the same time the average amount of imports of energy-related petroleum products has risen slightly. The combination of sharply rising prices and a slightly higher level of imports of energyrelated petroleum products translates into an escalating cost for those imports. This rising cost could add an estimated $70 billion to the nation's trade deficit in 2005, depending on how sustainable are the recent price increases. 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.
