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Title : The Pace Of Change Is Staggering -- December 6, 2018
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The Pace Of Change Is Staggering -- December 6, 2018

I've been so busy for the past two hours I have not had a chance to look at the actual data. I've only seen the headlines and I've only read a bit of the various articles regarding this historic milestone.

I assume it was not reported on any of the three major television networks this evening. I assume that 99% of Americans are unaware.

But wow, look at the raw data. At the same time, be aware of the caveats. 

Having said that, in July, 2015, about 3.5 years ago, the US was importing around 5 million bbls of oil and petroleum products every day. Five million bbls.

As recently as August, 2018, just a few months ago, the US was still importing around 5 million bbls of same every day.

Literally overnight, it seems, imports dropped to 2 million bbls per day and then actually went negative in the last reporting period.

By the way, much of America's crude oil imports is necessary. We've discussed that before and won't say any more about that now.

I don't think it's a big deal that the US became a net exporter last month, or the month before, or six months, or a year from now. It's the trend that is so incredible. Volumes could be written about this. It will be interesting to see how this plays out in business sections of regional and national publications, especially in "opinion" and "essay" pieces.

My hunch is that if Occasional-Cortex has any synapsing neurons, she should request a tutorial on what this means for the US economy, perhaps from Art Berman or Larry Kudlow. I think she would be able to argue that with numbers like these, more importantly, the trend, the US could pay for a) Medicare for all; b) free college for all; c) and a basic universal income. Perhaps there might even be enough left over to pay Honduran migrants to stay in Mexico. 

Link here.

The graphic:

https://ift.tt/2dZyQXu

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