In 2008 No One Thought Oil Imports Would Fall This Far
U.S. oil imports are at lows not seen in 19 years, standing at 7.17 million barrels a day in May, according to the EIA.
That's down 26% since 2008.
The reason is booming supply and sluggish demand growth. The IEA announced yesterday that the U.S. production grew 1.1 million barrels a day year-on-year in May, roughly equivalent to adding the total crude oil supply of Colombia to the world in just 12 months.
Meanwhile at 20.3 million barrels a day, the U.S. remains well below pre-recession consumption levels.
Here's the import chart:
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