According to the report, a surge in the petroleum import bill and a decrease in the surplus on income accounted for the deficit's increase.

FORBES: Worst Of Both Worlds

"I think that the answer to reducing our petroleum-import problem and reducing the carbon emissions from transportation is really threefold, " he said.

CNN: Lab makes renewable diesel fuel from E. coli poop

One of the biggest jumps was in the import of liquefied petroleum gas (LPG), which surged more than 28%.

BBC: Japan trade deficit hits record as yen weakens

The EU said the sanctions prohibit the import, purchase and transport of Iranian crude oil and petroleum products as well as related finance and insurance.

BBC: Iran: EU oil sanctions 'unfair' and 'doomed to fail'

For example, the U.S. Strategic Petroleum Reserve has the ability to supply total U.S. oil import needs for approximately 80 days.

CENTERFORSECURITYPOLICY: Center for Security Policy | Signal Allied Willingness To Release Oil Stocks Now! : Buy Time To Forge Punitive Response Against Iraq

In particular, import growth is likely to be held back by a decline in the value of petroleum imports.

FORBES: The Economy This Week: Hope For Improving U.S. Trade Data

The U.S. and China each import one-half of their oil requirements, and together account for 35 percent of global petroleum consumption.

FORBES: Oil and China