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But the embargo had yet to cut into the United States fuel stockpiles, which are at surpluses compared with a year ago.
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"States were looking at surpluses, but now they're looking at restricted revenues".
Unemployment is at its lowest since 1990, and trade surpluses are at a record high.
And Germany's towering export surpluses are at risk because its trading partners cannot sustain deficits for ever.
But tax cuts are often politically irresistible, never more so than when the budget is at a surplus, as was the case in many states in the late 1990's.
"The most exciting item for Goldman Sachs is that due to this profits-led recovery, we look for companies to begin to increase their acquisition targets as valuations are still attractive, market visibility is high and cash will be at a surplus due to the market's strong debt controls and a resurgence in global demand," says LPL Financial chief investment officer Burt White.
The major Canadian banks' Tier 1 ratios, in effect their equity and surplus positions, are at record levels and continue to improve.
The normalisation to a housekeeping gene would result in the calculation of a ratio of CEC to leucocytes, since the housekeeping genes are expressed in all cells and the leucocytes are at least in a 1000-fold surplus compared to the CEC.
What looks like good business when there are global surpluses at rock-bottom prices doesn't look so sensible after prices have doubled in a few months.
The Treasury thinks that it will meet the golden rule with something to spare ie, that any deficits will be at least matched by surpluses during upturns.
Whatever relief this all provides, the era in which the city taxpayers delivered so much money that a mayor could cut taxes, increase spending at twice the rate of inflation and still finish the year with record budget surpluses is, at least for now, a piece of history.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com