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U.S. oil imports, once thought to be on an irreversible upward trajectory, are projected to...

U.S. oil imports, once thought to be on an irreversible upward trajectory, are projected to reach their lowest in 25 years by 2014 and about half their 2004-07 peak levels, falling to 6M bbl/day. But falling imports won’t necessarily protect the U.S. from high gasoline prices or from oil shocks, and the U.S. will still be importing a greater share of its oil than during the 1973-74 OPEC oil shock.
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  • GaltMachine
    , contributor
    Comments (1140) | Send Message
     
    Watching Bloomberg a moment ago and they covered this story in depth. It was quite the interesting discussion.

     

    The conclusion was that WTI which trades to a significant discount to Brent would rise rather than fall as a result of increased production which seems to be quite the paradoxical result.

     

    Regardless of prices, more domestic oil will help our balance of payments which would be bullish for the USD.
    9 Jan 2013, 12:23 PM Reply Like
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