After more than 40 years on the throne, the U.S. is no longer the biggest oil importer in the world. In December 2012, the Financial Times reported that China had imported more oil than the U.S., and OPEC expects China to permanently take hold of the position of top importer in 2014. This transition could have wide-ranging economic and geopolitical implications. Erin Miller sat down with Fool.com contributor Travis Hoium to see what the effects will be and what companies may benefit from this development. 

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool recommends Chevron. The Motley Fool has the following options: Long Jan 2014 $20 Calls on Chesapeake Energy, Long Jan 2014 $30 Calls on Chesapeake Energy, and Short Jan 2014 $15 Puts on Chesapeake Energy. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.