Oil Boom Helps Cut US Trade Deficity By 22 Percent -- Huge Story

And the oil boom is singularly responsible for the resurgence in American railroads.

The Wall Street Journal is reporting:

America's trade deficit narrowed sharply in June, driven by record exports and a shrinking bill for oil imports, brightening the picture for domestic growth in the second quarter.

The trade gap fell more than 22% during the month, to $34.2 billion from $44.1 billion, the Commerce Department said Tuesday. Exports notched their sharpest rise since September 2012, hitting their highest level, adjusted for inflation, on record. Imports fell in part because Americans bought far fewer foreign-made cellphones and other consumer goods.

The improving trade situation spurred a number of economists to raise their estimates for second-quarter growth from the government's initial 1.7% estimate last week.

Tuesday's figures indicate that trade could exert less of a drag on gross domestic product growth than estimated—and possibly even contribute to expansion. Paul Ashworth, chief U.S. economist at Capital Economics, said GDP could be revised up to an annualized pace of more than 2.5%.