In 2008 No One Thought Oil Imports Would Fall This Far

U.S. oil imports are at lows not seen in 19 years, standing at 7.17 million barrels a day in May, according to the EIA.

That's down 26% since 2008.

The reason is booming supply and sluggish demand growth. The IEA announced yesterday that the U.S. production grew 1.1 million barrels a day year-on-year in May, roughly equivalent to adding the total crude oil supply of Colombia to the world in just 12 months.

Meanwhile at 20.3 million barrels a day, the U.S. remains well below pre-recession consumption levels.

Here's the import chart: