The graphic on the left is pretty explanatory. In October of this year, a tipping point will be reached where China becomes the world's largest oil importer.
That is significant for at least of couple of reasons. First, the U.S. is reducing its dependency upon foreign oil imports more rapidly than anticipated only three years ago. That helps the trade deficit substantially.
On the other hand, the economic dragon of Asia is going to be uncomfortably at the mercy of petroleum exporters. I wonder whether China will determine it must protect its petroleum supply line the way the United States has done for the past 40 years? Mmm. Interesting thread, isn't it?
One other observation from today's news. ITC Bans Samsung Imports. Your Move, Mr. Obama tells the International Trade Commission has ruled Samsung has violated Apple's patents. The ITC ban of the Samsung products can be overruled by the President.
Maybe, just maybe, we should give Apple what it wants - a ban of Samsung and HTC phones. Then because Apple will have such a monopoly on smart phones, the Antitrust Division of the USDOJ should begin proceedings to break up Apple. They know the company well, because a headline on their website is Justice Department Issues Statement on U.S. District Court Ruling that Apple Violated Antitrust Laws.