Mexican Media Brands
U.S. Surpassed by China in Net Oil Imports
Last month China surpassed the U.S. to become the world's largest net oil importer, the U.S.
#economics
Share
Last month China surpassed the U.S. to become the world's largest net oil importer, the U.S. Energy Information Administration says.
The agency estimates that the gap between overall oil usage and domestic petroleum production in China rose to 6.3 million barrels per day in September compared with about 6.2 million bpd for the U.S.
America's overall oil consumption has declined about 4% to 18.7 billion bpd in four years as Americans drove less and bought more efficient vehicles, EIA notes. It says a 40% upswing in domestic petroleum production also reduced the need for imported oil.
Cuts in U.S. oil consumption contrast with China's 40% jump in demand to 10.7 million bpd since 2008. The agency points out that domestic oil production has soared about 40% over that period in the U.S. but advanced only about 4% in China.
EIA expects the net gap in oil usage between China and the U.S. to grow at least through next year.
RELATED CONTENT
-
Report Forecasts Huge Economic Upside for Self-Driving EVs
Widespread adoption of autonomous electric vehicles could provide $800 billion in annual social and economic benefits in the U.S. by 2050, according to a new report.
-
GM, Ford Evaluate Possible Economic Slump
General Motors and Ford say they have bolstered their cash reserves in case the trade war between the U.S. and China triggers a global recession.
-
on the Genesis GV60 interior, EV sales in H1, Bentley Bentayga's wood work, Faurecia's advanced manufacturing & more
The strange glowing orb in the Genesis GV60. . .global EV sales in the first half. . .creating wood for the Bentayga interior. . .the importance of material handling at Faurecia. . .lux ATPs. . .fast Porsche. . .fast Lambo. . .the Avalon Hybrid. . .Silverado steel. . .