8/2/2023 0 Comments Us oil consumption![]() When oil prices leap worldwide, major oil-producing countries such as Saudi Arabia and the United Arab Emirates are able to insulate their citizens from the shock. It certainly hasn’t helped slow down climate change.Įnergy independence was not, let it be said, an altogether terrible idea. ![]() with more industrial capacity in an emergency. Energy independence has neither insulated the economy from geopolitics nor provided the U.S. gas prices to more than $4.10 a gallon, setting a new all-time high. As he spoke, Russia’s invasion of Ukraine pushed U.S. But what a funny kind of independence it is. On paper, “we are energy independent,” John Hess, the CEO of Hess, said yesterday at CERAWeek, the energy industry’s annual conference. Since 2018, the United States has been the world’s largest producer of oil and natural gas. Perhaps it could even abandon its costly military bases in the Middle East. produced its own fossil fuels, the thinking went, then it would be protected from faraway wars and crises. The project failed, but since then every president from Ronald Reagan to Barack Obama has aimed for “energy independence.” (Donald Trump, with characteristic flair, modulated this to “energy dominance.”) If the U.S. ![]() In 1973, President Richard Nixon announced Project Independence, a campaign to wean America off foreign oil by 1980. The episode reveals the power-and problems-of a vision that has guided U.S. If they had been carrying Qatari gas, they would have gone all the same. In late December, European natural-gas prices stood at then-record highs. No, the tankers’ journey to Europe was choreographed by the same force that every year sends cardiologists to Florida: abundant and profligate demand. The freedom-loving people of Houston had not donated gas to their Lithuanian kin. The ships, after all, did not change course because the State Department had requisitioned the gas. Or … does it? Upon closer inspection, the fleet demonstrated not the raw power of American industry, but the inescapable supremacy of the market. (The institute, despite its scholastic name, is Washington’s leading lobbyist for the oil-and-gas industry.) “As in World War II and other crises, America has Europe’s back,” Mike Sommers, the chief executive of the American Petroleum Institute, wrote last week. Now, thanks to the U.S.-invented technology of hydrofracturing, or fracking, the country produces more gas than it can consume. As recently as the mid-2000s, energy companies fretted that the U.S. This represented more than a minor milestone in global energy history. ![]() supplied more natural gas to Europe than Russia did. On the days they pulled into port, the U.S. However, that number was 400,000 bpd higher than January's forecast as Russia's exports have remained higher than previously expected, it said.īrent crude oil prices will decline in the second half of the year to about $82 per barrel from $85 per barrel in the first half as global oil production outpaces demand and leads to inventory builds, EIA added.In December, in a ballet of global logistics, more than 30 tankers ferrying liquid natural gas from the United States to various destinations around the globe-Japan, Brazil, South Africa-canceled their trips and set a new course for the European Union. The agency also forecast Russian production of petroleum and other liquids would decline by about 1 million to 9.9 million bpd in 2023. Globally, demand in China would increase by 700,000 bpd this year and by 400,000 bpd in 2024, as the country pivots away from a zero-COVID strategy, the EIA said. economy would contract slightly in the first six months. petroleum and other liquid fuels consumption will stay flat at 20.3 million bpd this year, the EIA said, while forecasting U.S. The gains still mark a slowdown in volume growth, which has been constrained by rising costs, dwindling reserves and pressures from investors on producers to hold down their spending. Energy Information Administration (EIA) said on Tuesday in its Short Term Energy Outlook.ĮIA's latest forecast calls for crude oil production to rise by 590,000 barrels per day, to 12.49 million barrels per day (bpd) in 2023, and by another 160,000 barrels to 12.65 million bpd next year. crude production will rise in 2023 even as demand flattens, the U.S. ![]()
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