Thursday, September 4, 2014
EIA oil import data
EIA oil import data are at the lowest levels since 1986. If you take out Canada, oil imports are at the lowest levels ever recorded by the EIA. The oil boom is a huge impact on the US economy, the dollar and the global oil market. It is the new peace dividend. Without an oil problem, a number of geopolitical issues decline in importance. US growth is being driven by the oil boom. Capital expenditures and employment in energy is rising and the cost to run factories is very manageable relative to other parts of the OECD. The chemical industry is being significantly helped. The current account deficit is more manageable when oil imports are controlled. There is even more talk from the rest of the world that the US should "share" its new found supplies. Lifting the ban on oil exports is a real discussion point. All the impact is right there in the EIA data.