"The revelations about October's balance-of-trade deficit were quite disturbing. We analyzed this and found that the same monthly rate of deficit that had existed ever since last May or June, about $2.4 billion per month, is exactly the average of September and October. So, we apparently have a fairly stable pattern per month of a $2.4 billion deficit, primarily caused by two factors: One is our extraordinary importation of foreign oil. We import $3.7 billion worth of oil every month. This means that we have, if we didn't import the oil, about a $15 billion trade surplus per year. And we have got to cut down on the excessive importing of oil from overseas before we can hope to get our trade balanced. The other reason for an adverse balance is that our own economy has improved in the last few years--few months, much more than has the rest of the world. Because of our improvement in the economy, we are much more able to buy and much more willing to buy goods from overseas than those nations are able to buy from us because their economies have not been restored as much as ours. We have one major element that can be introduced to cut down on our trade deficits-and that's obvious--and that is to reduce oil imports."