Written by John O’Donnell, Online Trading Academy
The Chart of the Week
The question of U.S. energy independence is the topic of this week’s Chart of the Week post. Not many years ago the U.S. was importing close to 60% of the oil it consumed. In 2005 and 2006 oil imports peaked around 10 million barrels per day. With the onset of fracking production this has been reduced by 20% to around 8 million barrels per day, 40% of current consumption.
Discussion of oil imports continues after the Read more >> jump.
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While crude oil imports have been cut by about 20% over the past decade,oil imports from the middle east have been cut in half over the past two years. The geopolitical risk of oil from that region was the cornerstone of concern about the security of America’s oil supply. So, while we still import a significant amount of oil, the amount of imports has been shrinking and becoming more and more sourced from more secure suppliers such as Mexico and Canada.
Source: YouTube
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