On Energy, ‘All of the Above’ Is Working
Friday, May 30th, 2014 @ 12:15PM
It may come as a surprise, but the world leader in combined oil and natural gas production last year was not Saudi Arabia, despite its vast reserves. Nor was it Russia with its natural gas giant Gazprom. Rather, for the third year in a row, these countries were surpassed by the United States.
But this is not the only surprise in the energy sector. Accompanying these increases in production has been an unexpected turnaround in petroleum and gasoline demand. Although industry-standard projections by the Energy Information Administration from as late as 2006 suggested ever-increasing consumption of oil and gasoline, U.S. gasoline consumption has fallen by 5.5 percent since 2007, or half a million barrels per day. Moreover, according to the most recent EIA forecasts, gasoline consumption is now on a path to plateau, then decline after 2019. Read the full article here