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[Right Column] Despite Covid Lockdowns, US Oil and Natural Gas Exports Hitting Record Levels – ‘No evidence that global oil demand is in structural decline’

Americans should realize that oil and gas account for 70% of our energy supply. The reality is that blocking pipelines and development does nothing to lower demand, it just makes getting access to these irreplaceable products more difficult - and more costly. Oil in particular has no material substitute, with still niche market electric cars being far more expensive and much less convenient. In addition, oil and gas revenues offer states billions of dollars to pay for schools, hospitals, roads, bridges, and other critical infrastructure - explaining why "blue state" New Mexico might already be fraught with buyer's remorse.  

Not just easily the world's largest oil and gas producer, the U.S. is quickly becoming a major exporter of these essentials, rivaling Russia and Saudi Arabia for oil and Russia, Qatar, and Australia for natural gas. Even though global oil demand fell 8% in 2020 through the pandemic to ~92 million b/d, U.S. oil exports stayed the course and remained much stronger than one might suspect (Figure). Demand this year should increase to 97 million b/d as travel normalizes, with still the potential to rise to 109 million b/d by 2040. There is simply no evidence that global oil demand is in structural decline: "Goldman Expects Oil Demand To Rebound To 100 Million Bpd By August."

Published:2/19/2021 12:47:54 PM
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