Our oil problems are only going to get worse. Our trade balance is only going to get worse. So we have to slow the growth of U.S. oil consumption, particularly imported oil consumption.
If every U.S. citizen ate just one meal a week (any meal) composed of locally and organically raised meats and produce, we would reduce our country’s oil consumption by over 1.1 million barrels of oil every week. That's not gallons, but barrels. Small changes in buying habits can make big differences. Becoming a less energy-dependent nation may just need to start with a good breakfast.
So we in Congress have a very clear choice. We can take largely symbolic action and sit back and fiddle while Americans burn more gasoline. Or we can pass concrete, effective legislation that will save consumers money while significantly reducing U.S. oil consumption.
Finally, we should help developing nations like China and India curb their exponentially increasing consumption of oil and natural gas, which is driving world prices higher.
My fear is that the global consumption of oil is going to increase, but European oil consumption has already reached its peak. The amount of oil available globally, I think, has already peaked.
Renewable biofuels are meanwhile making inroads in the transportation fuels market and are beginning to have a measurable impact on demand for petroleum fuels, contributing to a decline in oil consumption in the United States in particular starting in 2006... The 93 billion liters of biofuels produced worldwide in 2009 displaced the equivalent of an estimated 68 billion liters of gasoline, equal to about 5 percent of world gasoline production.
And almost half of American oil consumption is for motor vehicles.
About 75% of the price of gas is really dictated by crude oil. At the heart of the issue is increasing demand over a period of many years around the world. World crude oil consumption now is close to 90 million barrels a day. Most of the growth in demand is coming from China and the developing world.
The oil patch pays good. They're decent jobs paying between 50 and 70 thousand a year. Fracking has a big impact on the oil consumption in the United States.
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