China battles US over dubious title: Biggest oil importer

CNBC reports:

As the U.S. produces more of its own energy, China is set to steal a dubious distinction from its American geopolitical rival.

According to a report released this week by Wood Mackenzie, the world's second-largest economy will be the globe's largest importer of oil by volume by 2017. The shift is driven by more Chinese consumption, and a prodigious shale boom that is lessening U.S. reliance on imports.