Petroleum Markets: Unprecedented Transition

Washington, DC

During this Energy and Environment Breakfast, ICF International welcomes Dr. John Felmy, chief economist of the American Petroleum Institute (API), who will draw on his unique perspective to discuss issues affecting the U.S. petroleum industry, the economy, and consumers.

The U.S. petroleum markets are in an unprecedented period of transition. New supplies from fracking, oil sand developments, lower gasoline demands, Corporate Average Fuel Economy (CAFE) standards, higher natural gas demands, pipeline development, and biofuel mandates are dramatically changing U.S. petroleum markets and the infrastructure required to bring these supplies to consumers. There’s a “gold rush” as well in states with abundant petroleum supplies (unemployment is nearly nonexistent in North Dakota). Given these cross-cutting forces, the International Energy Agency has projected that the United States could be self-sufficient in petroleum supplies by 2030. All this has substantial implications for world petroleum markets, energy security, trade deficits, and our personal pocketbooks.

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