More great news on how natural gas is improving the U.S. economy. The U.S. Commerce Department announced Wednesday that the trade deficit amounted to $40.6 billion in October, which is down from $43 billion in September. The reason? Our domestic energy boom.
CBS MarketWatch reports: “Exports rose 1.8% to $192.7 billion and posted the first increase in since June. The value of petroleum exports jumped nearly 16% to lead the way, a reflection of the nation’s powerhouse status as an oil refiner and its use of new technologies that have enabled the U.S. to produce more domestic oil and natural gas.”
The numbers show that the U.S. is also in much better shape as far as the trade deficit is concerned in the first 10 months of 2013 compared to the first 10 months of 2012.
“The U.S. is benefiting from an energy revival, which has lessened its dependence on foreign oil,” reports TIME.com.
If you combine today’s news with all the recent news on the state level about how natural gas is boosting the American economy, it’s clear that the United States is on a path toward prosperity and energy security for generations to come.