Oil supply: the outlook

Journal Article · Thu Jul 01 04:00:00 EDT 1982 · Nation's Bus.; (United States)

OSTI ID:5190143

Velocci, T

The post oil-glut world will leave OPEC still in control of world production levels and prices. Some estimates show US imports rising as much as 35% to 4.3 million barrels a day as the recession ends, but others think the direct coupling of energy demand and economic growth has ended. The potential for a substantial comeback in energy-intensive industries and a replacement of business inventories could lead to a surge in demand. The current increase in gasoline demand is seasonal, and reflects an effort to replenish oil inventories. Industry spokesmen credit high prices for the moderating effect on demand. US investment in oil exploration will rise only 14% to $95.3 billion after a 39% increase in 1980 because of stable oil prices. Offshore and Alaskan exploration have a high, but expensive, potential for reducing future imports. US dependence has dropped from 48% to 30% of total supply since 1977 because of exploration efforts and the Strategic Petroleum Reserve. Any future supply crisis will depend on Middle East politics, a break in the price and production swings, and OPEC manipulation of the market. (DCK)

• OSTI ID: 5190143
• Journal Information: Nation's Bus.; (United States), Journal Name: Nation's Bus.; (United States) Vol. 70:7; ISSN NBUSA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
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29 ENERGY PLANNING, POLICY, AND ECONOMY
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ECONOMIC ANALYSIS
ECONOMICS
ENERGY SOURCES
ENERGY SUPPLIES
FORECASTING
FOSSIL FUELS
FUEL SUPPLIES
FUELS
IMPORTS
MARKET
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