On the set of CNBC’s Squawk Box this morning, I explained how US net imports of crude and products haven’t been this low since Beverly Hills Cop was number one at the box office – in February 1985.
It turns out that Beverly Hills Cop is Andrew Ross Sorkin’s favorite movie, Joe Kernen hated the sequels, and Becky Quick guessed the right year.
Hark, click on the below mugshot to catch the end of the conversation, while a chart illustrating US net imports lies below:
As US domestic oil production rises, imports are dropping. Combine this with rising crude, gasoline, diesel and LPG exports, and net imports are at a 32-year low: