How oil prices influence the US economy

Oil prices are currently around the $100 a barrel mark after surging as high as $147 in July.

As crude prices have soared this year, oil imports also increased by about 15% in the month - taking the petroleum deficit to a record $43.3bn.

Excluding petroleum products the US trade deficit shrank to its lowest level since October 2002.

Meanwhile, US exports got a boost from the weakening of the dollar as it made US goods more attractive to other countries.

As a result exports of goods and services rose 3.3% to a record $168.1bn.

Analysts said that exports should remain strong despite fears the dollar's recent strength against the euro and other major currencies would make US-made goods less competitive on international markets.