You may be too simple in your analysis. 
How in the hack can you wipe up current deficits when capital
growth is largest in overseas growth markets? How can you wipe out current deficits when you are
already addicted to highly competitive China products?
Higher oil price may increase cost to the China, in this instance,
but any boost to capital will literally be channelled back to the
same old growth area via more investments and more imports, increasing the reliance
on China in an instance.
And such investments will be hit due to global slowdown in terms of
spendings by the absurd oil price. And what will happen to the US
dollars? 
You ain't strengthening greenbacks with higher oil prices, you are
pressuring it to weaken even further. The nature of the greenbacks'
strength is not on fundamentals, but on high transactions on a huge
multiplier effect. What will happen if Oil price is hurting US
investments worldwide, especially in growth areas such as
China?
You are hence correct to say the capital surpluses is financing
current deficits, but here be reminded that it's always the growth
markets that supports the needed investment growth rates (and hence
capital surpluses), hurt them, and you gotta increase the price to
$1000 a barrel. It's a vicious cycle, because
while US controls the oil, other growth areas controls US's
investments' outcome. Hence, indirectly investment vacuums such as
China and India determine the fate of US's captial surpluses. And
US needs these growth areas more than these areas need those Oil at
such high prices. They were poor and developing, but US is sitting
on a huge massive bubble and more demands for cheaper imports in
their shops.
You can say US people'd spend much more on such cheap products and
investment out there than people would on Oil the US controls. It's
either gonna hurt US investments or bloat US appetitide for
consumption of imports. Neither is going to be good for either
accounts.
And even US population ain't gonna like it when they have to pay so
much for the petrols in or not in US$.
See? So what happen when Oil Price does go down? It's gonna hurt no
one but US$ more heavily.