for Transportation Oil Demand. Fuel Efficiency
Digital technologies may lower oil and gas production costs by 10 to 20 percent. As a result, technically recoverable oil and gas reserves could climb by as much as 5 percent globally, with the largest gains from shale gas.
Europe's status as a substantial importer of energy is well known, but what is less known is that the rate of dependence on oil imports is much higher compared to its dependence on imports of natural gas.
Norway, which produces just under 2 million barrels per day (mbd), is not experiencing the social and political turmoil seen in Iraq, Venezuela or Russia, but it is still taking major hits from the precipitous drop in prices as a result of oil’s integral role in the country’s economy.
The massive drop in crude oil and gasoline prices has been a huge boon for the American consumer, but it has come at a cost—U.S. motorists have been driving more, furthering a rebound in demand and boosting the country’s reliance on imports of both crude and refined products while also mitigating recent gains in fuel efficiency.
The proposed rules, which are supported by the trucking industry, would trim an estimated 1.8 billion barrels of oil consumption between 2019 and 2027, and save $170 billion in fuel costs.