Wednesday, October 24, 2012

US Oil Demand Dropping; Oil Production Rising

At the same time that US oil consumption is dropping:
...2012 is on pace to have the lowest monthly average oil consumption since 1996 despite sixteen years of sometimes uneven population, vehicle travel and GDP growth. For the first six months of 2012, US oil demand averaged 18.52 million barrels per day (mb/d), a decline of 11 percent from the 2004 peak of 20.8mb/d. _EnergyPolicyInfo

US oil production is rising:
U.S. production of oil and other liquid hydrocarbons is on track to rise 7 percent this year to an average of 10.9 million barrels per day. Energy experts say that within just a few years, the United States could top the Saudis. _WSJ

US imports from Canada are around 2.5 mbpd and rising. That means that North American oil is providing roughly 73% of US oil consumption.

Once the Keystone XL and other pipeline infrastructure are built and operating, the numbers should improve even further -- even while US exports of hydrocarbon fuels continue to rise.

More on how unconventional oil & gas are revolutionising the US energy future

Energy is the lifeblood of an industrial economy. Recent US and EU government policies of energy starvation have been counterproductive, based upon ideology rather than upon societal needs or empirically demonstrable scientific facts.

It is time to put an end to political dilettantes and unelected bureaucrats playing ideological games with the energy futures of entire civilisations.

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