Oil Exports Trim U.S. Deficit as Fuel Gap Shrinks: Economy
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Record petroleum exports helped shrink the U.S. trade deficit in December to the smallest in almost three years as America moved closer to energy self-sufficiency, a goal the nation has been pursuing since the 1973 Arab oil embargo.
The gap narrowed 20.7 percent to $38.5 billion, the smallest since January 2010 and lower than any estimate in a Bloomberg survey of 73 economists, Commerce Department figures showed today in Washington. Oil exports climbed $11.6 billion. Another report showed wholesale inventories unexpectedly declined in December.