What would have been a demented propagandist’s flight of fancy a decade ago has become reality: For the first time in history, the US imports more oil from our dear and reliable neighbor Canada than from OPEC. With major consequences.
Two primary reasons:
- Rising oil production in Canada; hence, more oil to import.
- Soaring oil production in the US, hence drastically lower oil imports in general.
Their combination has come out of OPEC’s hide. The chart, based on EIA data from January 1993 through January 2014, shows that imports from OPEC have been cut nearly in half from about 200 million barrels during the peak months of January and August 2008 to 102.7 million barrels in January 2014. During that time, US domestic oil production has jumped 49%.
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