Oil Imports to U.S.A.
This is from the Gartman Letter yesterday, really surprised me!
"...we note that the latest data
from the US government makes it very clear that Canada
was, is, and likely shall continue to be the US' the largest
supplier of "foreign" crude oil [Ed. Note: The US itself
remains the US' largest supplier of crude oil, which most
Americans would never be able to answer properly if
asked. However, the fact remains that the US supplies
more than 4 times as much crude to itself as does its
leading foreign supplier.]. According to the DOE, Canada
delivered an average of 1.9 million bpd to the US in
October of last year... the latest month for which the DOE
has proper data. Mexico moved 1.3 million bpd to the US,
followed hard upon by Nigeria, which sold he US 1.2
million bpd. Saudi Arabia was 4th, providing 1.1 million
bpd, with Venezuela finishing in 5th place. We find this
interesting only in light of the fact that the Administration,
and Congress, and the media and most importantly the
ethanol communities constantly tell the American public
that it must reduce its dependence "upon Middle Eastern
crude oil." Our response is that we did so long ago, and
have substituted dependence upon Canadian, and
Mexican, and Nigerian and Venezuelan crude oil
instead."
