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The US oil companies will export their oil to China (or Japan, South Korea and other major oil importers, in lieu of oil bought by China.)

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At a minimum that will reduce the trade deficit.

Maybe? I wouldn't count on it. The US may be a net petro exporter, but it's about 1% of GDP. The other 99% are not going to do well with inflated energy prices. So exports might net go down.

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