The Washington Post had a big splash recently on how America’s fracking revolution has transformed the world’s oil map. The story quotes one analyst saying, “For the United States, there is a glimmer of the possibility of self-sufficiency.”
But at least one analyst believes it may not even be that much.
ITG’s Energy Research lead energy economist Judith Dwarkin recently gave a presentation where she argued that a “sizable gap” remains between US production and US consumption.
Here’s her main evidence:
Consumption is now around 19 MMbd, versus about 8 MMbd worth of production.
To be sure, the gap is likely to narrow with further technology improvements and more efficient consumption.
But the “glimmer” is likely to remain just that.