US fracking has supplied 6 million barrels per day of the total 10.5 million barrels per day of increased oil demand. Almost all of the new oil demand came from Asia.
Around 2030, China should have $20,000 GDP per capita. Even with a lot more electric cars and buses, there will still be a substantial demand for more oil.
Oil supply has mostly stayed ahead of demand for the last few years despite the production problems in Venezuela. The growth in US oil production is slowing down. Increasing demand will get ahead of supplies in the next few years.
Longer term the shifts away from oil to electric cars may not be sufficient to enable the growing economies in Asia to have the various kinds of energy they need for their economies.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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