U.S. oil, natural gas demand still climbing

Journal Article · Mon Jan 27 04:00:00 EST 1997 · Oil and Gas Journal

OSTI ID:423118

Beck, R J

Steady economic growth and slightly lower prices will boost demand for petroleum and natural gas in the US again this year. Economic growth will lag behind last year`s level but will remain strong. Increased worldwide petroleum production should lower oil prices and encourage fuel-switching, which will suppress natural gas prices. In the US, total energy consumption will grow less rapidly than economic activity due to continuing improvement in energy efficiency. US petroleum product demand will move up to 1.5% in 1997 to average 18.45 million b/d. And natural gas consumption will be up 0.7% at 22.05 tcf. Despite the oil price increases of 1996, US crude oil production will continue to slide in 1997; Oil and Gas Journal projects a drop of 1.1%. US production has been falling since 1985, except for a modest increase in 1991 related to the Persian Gulf War. The rate of decline has diminished in the past 2 years, but US crude oil production has still fall at an average rate of about 226,000 b/d/year since 1985. The paper discusses the economy, total energy consumption, the oil supply, imports, stocks, refining, refining margins and prices, demand for motor gasoline, jet fuel, distillate fuel, residual fuel oil, and other petroleum products, and natural gas demand and supply.

• OSTI ID: 423118
• Journal Information: Oil and Gas Journal, Journal Name: Oil and Gas Journal Journal Issue: 4 Vol. 95; ISSN OIGJAV; ISSN 0030-1388
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
03 NATURAL GAS
29 ENERGY PLANNING, POLICY, AND ECONOMY
COMPILED DATA
DRILLING RIGS
FUEL CONSUMPTION
NATURAL GAS
NATURAL GAS INDUSTRY
PETROLEUM
PETROLEUM INDUSTRY
PETROLEUM PRODUCTS
PRICES
SUPPLY AND DEMAND
USA