Articles for Financial Advisors

OPEC is Losing Power

OPEC is Losing Power

OPEC  is  Losing  Power

The 1973 oil embargo has resulted in the U.S. increasing its oil production by 50% over the past 40 years. Since 1973, oil consumption in the U.S. has cumulatively increased by < 7%. Virtually all oil consumption growth is from emerging markets. China is the world’s largest net importer of oil. In 2013, total world oil production was 50% > it was in 1973.

 

Since 2008, U.S. oil output has increased by > 50%. By 2025, automakers must produce cars that average 54.5 miles per gallon. Oil imports represented 60% of U.S. domestic oil consumption in 2005; by 2013, the figure was 35%, the same level it was in 1973.

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