China Beats USA… Again
As I write this, West Texas Crude is selling for $96 a barrel. Brent Sea Crude is selling for $104.
This isn’t really news, as the price of oil hasn’t changed much in five years…
What has changed is who is now producing oil — and where it’s going.
Earlier this week, it was announced that China is now the largest importer of oil. That’s right. China has beat out the United States for the first time in 40 years.
According to the EIA, China’s incoming shipments hit 6.12 million barrels per day in December, compared to crude imports in the U.S., which fell to 5.98 million barrels per day — the lowest since February 1992.
— Wealth Daily