Calculated Risk reminds us:
…U.S. trade deficit, with and without petroleum, through July.
The blue line is the total deficit, and the black line is the petroleum deficit, and the red line is the trade deficit ex-petroleum products.
Import oil prices increased to $62.48 in July – up about 50% from the prices in February (at $39.22) – and the fifth monthly increase in a row. Import oil prices will probably rise further in August.
It appears the cliff diving for U.S. trade might be over, although recent port data shows some weakness in traffic.