Think the demand for crude petroleum in the U.S. is rapidly declining? Think again!
A new report “Crude Petroleum: United States,” by Freedonia Focus Reports says there will be only marginal annual declines through 2022 – and that decline is because of a drop in gasoline demand. But, this decline in automobile gasoline demand will be offset by a rise in production of jet fuel.
A press release for the report notes, “Nonetheless, rising exports, caused by global economic growth (especially in China and India) and accompanying demand for petroleum products, will ensure US crude petroleum production grows, even as domestic demand shrinks. Advances will primarily reflect increasing output of crude oil and NGPLs as a consequence of rising production from shale (particularly shale gas, which often contains high levels of NGPLs), along with increasing offshore oil production.”
Get the story and the link to the report HERE.