To what extent will the rising crude prices affect the U. S. trade deficit?

A record foreign oil bill helped pushed the U. S. trade deficit up sharply in June. The gap in trade in goods and services between the U.S. and the rest of the world swelled by 6.1 percent to $58.8 billion, the Commerce Department reported on Friday. A steep rise in imports which hit a record $165.7 billion drove nearly all of the increase, while exports stayed nearly flat. With crude prices scaling new heights hitting $66.86 a barrel Friday and the U. S. economy picking up steam, the trade deficit is likely to widen further, economists say.