4 ms·
You do know that the US still imports 1/2 of it's oil, right? (about 6 million barrels per day in imports, http://www.eia.gov/dnav/pet/pet_move_neti_a_ep00_IMN_
by alphydan 12y ago
You do know that the US still imports 1/2 of it's oil, right? (about 6 million barrels per day in imports, http://www.eia.gov/dnav/pet/pet_move_neti_a_ep00_IMN_mbblpd_a.htm http://www.eia.gov/dnav/pet/pet_move_neti_a_ep00_IMN_mbblpd_...)
However, all countries in the world without oil have to buy their oil in USD ... so they first convert their local-currency to USD, and then purchase oil, driving USD currency demand.