Stunning Fact: US Oil Imports Fall To Lowest Level Since 1997

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Surging domestic oil production, switching from oil to alternatives like natural gas, biofuels, and electricity, and rising fuel efficiency continue to decrease US oil imports.  The latest data puts 2012 oil imports back to 1997 volumes. http://www.cnbc.com/id/100445793. 

The drop in US oil imports made the December 2012 balance of trade better than expected and will add to preliminary estimates of a falling 4th quarter GDP.