U.S. crude oil output is now closing in on 9.5 million b/d, the highest levels in two years and almost double what we were producing a decade ago. But, while our demand has basically been flat, oil is a global commodity and imports have long been ingrained in our own market, so we still import about 35-50% of the oil that we use.
Imports though have been falling, yet probably not as much as some energy security advocates want. Overall, China has surpassed the U.S. this year to become the world’s largest crude importer, soaring to 9.2 million b/d in March.
