The US Energy Information Administration (EIA) said that from 2010 to 2016, the country consumed 1,100m barrels of oil per day, up from 1,100 million barrels per day during the previous five years. The deficit has caused an increase in the American dependence on foreign oil sources. The rising oil prices have pushed the EIA to forecast of a decline in oil production for the first time in nearly three years.
To prevent the increasing of oil prices, in December, former Vice President Joe Biden will reach out to American drivers, bringing them extra dollars to spend. Biden will ask drivers to send tweets using the hashtag #BeSafeWayRoads asking US energy companies to dramatically cut down on the use of fossil fuels and invest in American fuel. US oil production started to drop sharply after falling by 647,000 barrels per day in November, the first monthly decline since February. In 2016, oil production had reached a record of 9.8 million barrels per day.
Biden will visit important American oil-producing states to make the case for choosing in favor of a new direction. In a statement, his office explained that Biden believes that with the right choices, consumers can “completely decarbonize America’s transportation sector in a decade”. The Office suggests that people keep their cars off the road for several days in December and use electric vehicles instead.
Biden has suffered from asthma since childhood, and using electric vehicles would eliminate a problem of oil burning that causes one of the highest rates of premature deaths of any pollutant. He previously made headlines for his work on increasing manufacturing in the US.
US oil executives have said that they are optimistic of increased investment. Bloomberg reports that the American Petroleum Institute (API) added that they do not expect a collapse in output, as a “blend of less ambitious targets and optimistic hopes will keep the industry busy”.
Overall US oil demand is projected to increase by slightly more than 200,000 barrels per day. The drop in November could be due to colder weather and seasonal adjustments.