“It is a great success story that we are now producing oil in the quantity that we are,” U.S. Treasury Secretary Jacob J. Lew said in an interview in New York. “The independence that we’ve developed in the energy sector, it is a clear positive if you look at the impact on our economy.”
As the U.S. moves closer and closer to energy independence, greater fuel efficiency, changing demographics and an increase in renewables are altering the dynamic that in the past would have seen demand for gasoline climbing. Gross domestic product grew at a 2.4 percent pace in the third quarter from the year-earlier period. Oil consumption fell 0.3 percent, government data show.