The increased cost of importing oil has further swelled the US trade deficit.
The increased cost of importing oil has further swelled the US trade deficit.
The deficit rose 1.8% to $59bn (£33.7bn) in August - its third highest monthly sum - as the US spent a record $17.2bn on buying crude oil supplies.
The deficit is expected to rise more substantially in September as Hurricane Katrina's economic impact is reflected in trade data for the first time.
US oil production hit a 50-year low in September as Hurricanes Katrina and Rita hit output in the Gulf of Mexico.
Average oil output totalled 4.197 million barrels last month, its lowest level since 1943.
The US is really in a mess financially. It will take next president years to get out of the financial mess "W" put the country in. $7.9 trillion debt
The increased cost of importing oil has further swelled the US trade deficit.
The deficit rose 1.8% to $59bn (£33.7bn) in August - its third highest monthly sum - as the US spent a record $17.2bn on buying crude oil supplies.
The deficit is expected to rise more substantially in September as Hurricane Katrina's economic impact is reflected in trade data for the first time.
US oil production hit a 50-year low in September as Hurricanes Katrina and Rita hit output in the Gulf of Mexico.
Average oil output totalled 4.197 million barrels last month, its lowest level since 1943.
The US is really in a mess financially. It will take next president years to get out of the financial mess "W" put the country in. $7.9 trillion debt