It is a shift as momentous as the U.S. eclipse of Britain’s Royal Navy or the American economy’s surpassing of the British economy in the late 19th century. According to preliminary figures reported this week, China has overtaken the United States as the world’s largest net oil importer. Nearly 6 million barrels per day flowed into the United States in December — the lowest figure since February 1992 — while Chinese imports jumped to 6.12 million barrels per day. The United States had held the top spot since 1972, just before the oil crises and stagflation of the 1970s.

Read Here – Foreign Policy