Oil Exports Trim U.S. Deficit as Fuel Gap Shrinks: Economy

http://www.bloomberg.com/news/2013-02-08/trade-deficit-in-u-s-plunges-on-record-petroleum-exports.html

Record oil exports helped The U.S. decrease its trade deficit in December t the smallest in almost three years. Oil exports went up to $11.6 billion and the trade gap decreased 20.7 percent to $38.5 billion. This vividly shows the trend towards energy independence and widely believed that greater fuel autonomy helps boost household incomes, jobs and government revenue.

A rise in U.S. oil production has made the nation the world's largest fuel exporter. Additionally, the U.S. met 84 percent of its own energy needs in the first 10 month of 2012 and crude output grew by a record 766,000 barrels. At the same time, the rising efficiency of the average U.S. passenger vehicle has lowered the demand for oil.