America is kicking its oil habit

Commodities , Energy , Oil , USA Dec 11, 2014 No Comments

America is kicking its oil habitIt 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.

Via How America Is Kicking Its Oil Habit – Bloomberg

Pascal Blanc

Pascal has implemented numerous software solutions in the areas of procurement, sourcing, spend management, supplier evaluation and performance. His clients include Fortune 500 companies in Europe, Asia and North America. He is a co-founder of Source & Procure.

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