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China Is Now the Biggest Oil Importer in the World

By Travis Hoium - Apr 9, 2013 at 11:02AM

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The U.S. no longer holds the title of biggest oil importer in the world.

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. 

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