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A trade war with #China darkens the #oil market outlook, @nickcunningham1 says #OOTT https://t.co/uya3OYw5kR
Blocked Chinese Ministry Website Foreshadows Wider Sino-U.S. Tech Competition https://t.co/OX3c6fpBLW https://t.co/Qy8g3nTJcR
New report: 5G can transform the US transportation system and generate billions of dollars in benefits—but only if… https://t.co/jFEWZqUggh
China's Ministry of Industry and Information Technology website has been blocked to international visitors—a move s… https://t.co/GagB2ZMR22
EPA & NHTSA cite rising vehicle age in the US as a reason to freeze/loosen fuel economy standards - but are these o… https://t.co/kjhVuFiF9s
The recent oil production boom in the United States, while astounding, has created a misleading narrative that the United States is no longer dependent on oil imports. Reports of surging domestic production, calls for relaxation of the crude oil export ban, labels of “Saudi America,” and the recent collapse in oil prices have created a perception that the United States has more oil than it knows what to do with.
This view is misguided. While some forecasts project that the United States could become a self-sufficient oil producer within the next decade, this remains a distant prospect. According to the April 2015 Short Term Energy Outlook, total U.S. crude oil production averaged an estimated 9.3 million barrels per day in March, while total oil demand in the country is over 19 million barrels per day.
This graphic helps illustrate the regional variations in crude oil supply and demand. North America, Europe, and Asia all run significant production deficits, with the Middle East, Africa, Latin America, and Former Soviet Union are global engines of crude oil supply.