The U.S. remains a net importer of crude oil and petroleum products, but net imports have declined from about 13 million BPD a decade ago to the current level of less than 5 million BPD. This decrease is due to the surge of U.S. crude oil production, the increase in finished product exports, and an increase in U.S. crude oil exports (which have grown from nearly zero in 2013 to more than 750,000 BPD today).
All signs from the U.S. are that petroleum demand continues to rise. Projections from both the EIA and the International Energy Agency (IEA) are that global oil demand will increase each year by just over a million BPD under current scenarios, and at about half that rate assuming that government pledges such as those made in response to the Paris Agreement on climate change will be reflected in legislation.
Believe it or not, both the EIA and IEA are aware of the trends for electric vehicles (EVs) and renewables. But they are also mindful of the fact that the overall population is growing and the number of drivers is growing. Thus, it is entirely possible for two things to be true. EVs may continue to grow at a rapid pace, but not reduce crude oil demand until much later than some proponents think.Test