Will U.S. Oil Consumption Continue to Decline?


This is a guest post by James Hamilton, Professor of Economics at the University of California, San Diego. This post originally appeared on the Econbrowser blog here.

A lot of attention has been given to the optimistic assessments of future U.S. and Iraqi oil production in the IEA’s World Energy Outlook 2012. However, perhaps even more dramatic is the report’s prediction of a significant long-term decline in petroleum consumption from the OECD countries. For example, the report predicts about a 1 mb/d drop in U.S. oil consumption by 2020 and a 5 mb/d drop by 2035 ...

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