What gets overlooked sometimes in the discussion on U.S. crude exports is that the country is still importing more than 8 million barrels per day.
Amid the push among cities to reduce emissions and the impetus to lower costs for fuel, the electrification of the bus fleet is set continue, even if the U.S. may take a while to catch other economies, most notably China.
Despite EV sales growing at a rapid clip in China, oil demand there is still expected to rise by more than 60 percent in the next couple of decades.
Howard “Buck” McKeon is a two-term Chairman of the House Armed Services Committee and current Chairman of the McKeon Group. He served as representative for California’s 25th District from 1993 to 2015. Earlier this month, he spoke to The Fuse about U.S. energy and national security, and the interplay between the two.
The past two years have reminded many observers that black gold is tough to beat, no matter what commitments countries make, and that countries like China still have a lot of room to grow.
With autonomous cars, China has to deal with some of the same hurdles as the U.S., but so far surveys show a greater willingness among the public there to use the new technology.
To avoid a morass of conflicting local codes, the federal government, in conjunction with stakeholders and other organizations, should offer model regulations for autonomous vehicles, including for on-demand ride services.
The global oil markets have been dealing with a crude supply glut for sometime, but now the surplus has shifted to refined products. With high stocks of diesel and gasoline worldwide, oil prices, now trading in the mid-$40s, could move lower.
The fight over territory is less about a scramble for resources in the South China Sea than it is about asserting sovereignty and hegemony in the region. Control over oil and gas reserves happens to be one component of that objective, but is not necessarily central to it.
An extended period of upstream investment cuts and the fact that petroleum products still fuel more than 90 percent of the transportation sector could mean we’re headed for another price spike. But slower economic growth and structural shifts on the demand side could keep another bull market from occurring.