Global Oil Supply and Demand

Increasing US oil and gas production is a key element in reducing the US Trade Deficit and becoming “energy independent”.

The global supply of oil in 2019 is 103 million barrels per day and demand is 101 million barrels per day.

https://www.ogj.com/general-interest/economics-markets/article/17296241/iea-global-oil-supply-will-outpace-demand-throughout-2019

The Average Closing Price per barrel of oil by year is listed below.

Year – Oil Price

2019   $57.36

2018   $64.90

2017   $50.84

2016   $49.58

2015   $48.72

2014   $93.17

2013   $97.98

2012   $94.95

2011   $94.88

2010   $79.48

2009   $91.95

2008   $99.67

2007   $72.34

2006   $66.05

2005   $56.64

2004   $41.51

2003   $31.08

2002   $26.09

2001   $25.98

2000   $30.38

1999   $19.35

1998   $14.42

1997   $20.61

1996   $22.12

1995   $18.43

1994   $17.20

1993   $18.43

1992   $20.58

1991   $21.54

1990   $24.53

1989   $19.64

1988   $15.97

1987   $19.20

https://www.macrotrends.net/1369/crude-oil-price-history-chart

The US is increasing its oil production to cover its own needs. The US consumes 20 million barrels per day and produces 12,200 million barrels per day. The additional 7.8 million barrels of production will reduce our trade deficit and should prevent the price of oil from returning to the $90 to $100 mb/d levels we saw in the 2008 to 2014 period.

Fracking Shale oil costs more than drilling, so oil production requires prices from $50 per barrel to $60 per barrel.

Norb Leahy, Dunwoody GA Tea Party Leader