American energy exports are revitalizing the economy and shifting the balance of power around the world, as shown by the Aug. 6 trade report from the US Department of Commerce, said American Petroleum Institute Chief Economist John Felmy. According to the report, US exports in goods and services totaled $2,280 billion in 2013, up from $2,216 billion in 2012. The US trade deficit in 2013 decreased by $61 billion from 2012. Exports in this year’s first half were $1,159 billion compared with $1,127 billion and $1,101 billion for the same periods of 2013 and 2012, respectively. The report also showed that exports of crude oil and petroleum products are up from the same month last year more than $1.2 billion to $12.7 billion. For year-to-date, the total trade deficit for crude oil and petroleum products is down $20.4 billion from the same period last year. “Domestic oil and natural […]