You certainly did.
Global demand for oil and natural gas has kept up with the rocketing economy. But supplies can not keep pace, which has propelled natural gas and gasoline prices higher. Natural gas recently set record levels.
The U.S. “EIA” Energy Information Administration forecasts this void to continue all the way through 2022, but could be filled by responding to higher prices with increased oil and gas drilling. The EIA’s latest angle on this potential supply shortage is that the U.S. could add new production of 1.8 million barrels per day of crude oil plus 6.0 billion cubic feet per day of marketed natural gas production.
Yes, OPEC could try to offset the difference, but I believe they would intentionally fall short of meeting global demand. In addition, too much has already been lost with the steep declines in oil and gas E&P investments.
In my opinion, even with the assistance of OPEC there still be a supply shortage creating higher prices unless there is a boost in investing for oil and natural gas drilling.
Mrs. Smith
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