U. S. and world demand up in 1989

Journal Article · Mon Jan 30 04:00:00 EST 1989 · Oil Gas J.; (United States)

OSTI ID:6331233

Beck, R J

Robust economic growth, a surge in energy consumption, and slightly lower petroleum product prices combined to boost U.S. oil demand in 1988. Demand will grow more slowly this year. Economic growth is expected to moderate in 1989, partly due to higher interest rates, and product prices will be slightly higher. But prices should still be low enough to stimulate increased demand. Another year of depressed exploration and drilling activity resulted in a further slide in U.S. production in 1988. Increased Alaskan production partly offset the decline, but could not prevent it. This year, increased output in California and a modest gain in crude prices and drilling activity will slow the rate of decline, but U.S. production will still fall by about 170,000 b/d. Higher demand and lower production will mean U.S. dependence on imported crude and products this year will be the third highest year on record. Marginally higher oil prices in 1989 will bring a small increase in U.S. drilling activity. And the expectation that gas markets will tighten could be a key to putting more rigs to work this year.

• OSTI ID: 6331233
• Journal Information: Oil Gas J.; (United States), Journal Name: Oil Gas J.; (United States) Vol. 87:5; ISSN OIGJA
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700* -- Petroleum-- Economics
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& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200 -- Energy Planning & Policy-- Economics & Sociology
294002 -- Energy Planning & Policy-- Petroleum
294003 -- Energy Planning & Policy-- Natural Gas
DEMAND
DRILLING
ECONOMIC GROWTH
ENERGY DEMAND
ENERGY SOURCES
EXPORTS
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
GLOBAL ASPECTS
INDUSTRY
INTERNATIONAL ORGANIZATIONS
MARKET
NATURAL GAS
NORTH AMERICA
OIL WELLS
OIL-EXPORTING COUNTRIES
OPEC
PETROLEUM
PETROLEUM INDUSTRY
PRICES
PRODUCTIVITY
USA
WELL DRILLING
WELLS