The People’s Republic of China is about to earn the unenviable distinction of becoming the world’s largest importer of oil. According to the Energy Information Administration, China will exceed the U.S. in total oil imports in October. By next year, it will be the undisputed leader.
“Looking beyond 2014, higher U.S. oil production and stagnant or declining U.S. oil consumption, coupled with China’s projected strong oil demand growth and slow oil production growth, suggest that once China replaces the United States as the world’s largest net oil importer, the gap between net oil imports in China and the United States will grow,” EIA said.
Thanks to enhanced domestic production of oil and natural gas, U.S. reliance on imported oil continues to drop.
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