2008-08-21 High Oil Prices Help Revive US Steel Industry

2008-08-21 Lloyd Alter TreeHugger \oil addiction\US economy\US-China relations http://www.treehugger.com/files/2008/08/high-oil-prices-creates-jobs.php High Oil Prices Help Revive US Steel Industry, Create American Jobs High Oil Prices Help Revive US Steel Industry Jeff Rubin, chief economist for CIBC World Markets, and predictor of $10 gasoline, notes who is profiting from high oil prices:

"Soaring transport costs, first on importing iron to China and then exporting finished steel overseas, have already more than eroded the wage advantage and suddenly rendered Chinese-made steel uncompetitive in the US market....Chinaâ€™s steel exports to the US are now falling by more than 20% on a year-over year basisâ€”the worst performance in almost a decade. While many might attribute this decline to the slowdown in the US economy, it is noteworthy that US domestic steel production has risen by almost 10% during the same period."

&ldquo;Soaring transport costs, first on importing iron to China and then exporting finished steel overseas, have already more than eroded the wage advantage and suddenly rendered Chinese-made steel uncompetitive in the US market... US domestic steel production has risen by almost 10%...&rdquo;   