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We already were told there was no growth in the 4th quarter so nice spin.
These stories have been very carefully written. It's entirely possible that what has happened is that US consumption has dropped because of our lousy economy. The energy we're producing domestically has an incredibly fast depletion rate. Already in the Pennsylvania Marcellus Shale area, companies are having to drill new wells faster and faster just to maintain output. That energy is being sold to China, not being used here.
We're selling our energy on the global market, and importing less of everything. That's bad, not good. These stories highlight the flaws of GDP and trade balance as measures of the health of an economy.
Just like the unemployment figures, the loss of jobs, the deficit, the economy..........this is just another attempt at fleecing the public. The sad part is a lot of you people actually bought this garbage spewed from team Obama and the media and voted to re-elect this disaster. We are in some mighty deep trouble, and you Obama supporters are as much to blame as the fools steering the ship in DC.----------------------------------------------------------------------------
Article by: PAN PYLAS , Associated Press Updated: January 31, 2013 - 4:51 AM
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LONDON - An unexpected contraction in the U.S. economy at the end of 2012 weighed on markets Thursday ahead of closely-watched jobs figures.
The U.S. economy shrank by an annualized rate of 0.1 percent in the fourth quarter, its first contraction since the middle of 2009, hurt by big cuts in defense spending, falling exports and sluggish growth in company inventories.
"wowjustwow": Oh, don't think a President Romney wouldn't be doing the exact same thing. This is one of the many, many things that are way beyond domestic partisan electoral strategy.
Less imported oil is good news & it's fortunate that most of this new oil was produced on private land instead of land owned by the government or this story would never have been written.
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