A shrinking trade deficit is one benefit of the domestic hydraulic fracturing and horizontal drilling revolution that has stirred passions on all sides of the debate over America's energy future.
American fast-food chains are appearing on every street corner in El Salvador, but globalization isn't the main culprit.
Even though production of oil from new fields in the U.S. is booming, there is a consistent decline in production from old fields around the world, and OPEC members have not increased production. Meanwhile, though demand for oil is falling in the US, it continues to grow around the world.
Globalization uses up finite resources like oil and coal more quickly, Tverberg writes. It also increases carbon dioxide emissions and acts to increase world oil prices, she adds.
Germany's overall trade surplus continued to increase this year. But in trading with other eurozone countries, its €300 million surplus turned into a €1.1 billion deficit in August.This means that Germany is in fact helping to reduce the deficits of crisis-struck countries like Spain and Italy.