DOE: US petroleum production exceeding transportation consumption and will continue to do so through 2050
According to the US Department of Energy (DOE) Energy Information Administration (EIA), in 2015 total petroleum production exceeded all US transportation sector petroleum consumption. The EIA expects petroleum production to be greater than transportation consumption through 2040.
Including non-petroleum sources such as ethanol, the production will exceed transportation demand by about three million barrels per day in 2050.
|Source: DOE. Click to enlarge.|
In 1989 US petroleum consumption for transportation surpassed total US petroleum production, which was declining, for the first time. These contrasting trends in production and consumption created a gap that was met with foreign imports of petroleum.
In 2009, however, the US production of petroleum (for all uses including, but not limited to, transportation) began to increase substantially because of new hydraulic fracturing and oil extraction technology. With other inputs included, such as ethanol, domestic production is exceeding transportation consumption.
Transportation accounts for about 70% of all US petroleum consumption.