There is lots of talk this week about the decline in crude oil imports in the US, and what it means for GDP, the US dollar, and geopolitics.
Sebastien Galy of SocGen has dome deep thoughts on the matter, as he anticipates a world that sees a stronger US dollar, and a smaller global military footprint.
A lot’s being made of the fact that crude oil imports fell to their lowest level since 1999.
But actually, if you look on a per capita basis, the fall is more severe, and we’re edging towards mid-90s level of imports.
Photo: EIA, FRED, Business Insider
This is essentially a story of higher domestic production, and a decline in driving. What’s key is that this isn’t just a story about the economy right now, but a big secular trend that continues, even as the US economy strengthens.
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