Remove 2005 Remove Cost Remove Oil Remove Oil Prices
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Rhodium Group estimates US GHG emissions rose 1.3% in 2022

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Despite efforts to continue stimulating the US economy in the wake of the pandemic, high inflation put a damper on economic growth, which was exacerbated by a spike in oil prices as a result of Russia’s invasion of Ukraine. below 2005 levels. Consequently, the US economy grew 1.9% in 2022, down from a 5.7% GDP increase in 2021.

Emissions 273
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When Will Russia Run Out Of Oil?

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On a global level, 2015 and 2016 marked the lowest level of new conventional oil discoveries since 1952. billion barrels of conventional oil were discovered, roughly 45 days of global crude consumption or 0.2 Russia’s Oil Production 1970-2020 and Russia’s Deep-Hole Oil & Gas Exploration Drilling. In 2016, only 3.7

Russia 150
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BP approves revamped $9B Mad Dog Phase 2 project in the deepwater Gulf of Mexico; down from original $20B cost

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BP has sanctioned the $9-billion Mad Dog Phase 2 project in the United States, despite the current low oil price environment. Oil production is expected to begin in late 2021. Today, the leaner $9-billion project, which also includes capacity for water injection, is projected to be profitable at or below current oil prices.

Mexico 150
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EIA: light duty vehicle energy consumption to drop 25% by 2040; increased oil production, vehicle efficiency reduce US oil and liquid imports

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Domestic crude oil production increases sharply in the AEO2014 Reference case, with annual growth averaging 0.8 While domestic crude oil production is projected to level off and then slowly decline after 2020 in the Reference case, natural gas production grows steadily, with a 56% increase between 2012 and 2040, when production reaches 37.6

Oil 290
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EIA 2035 reference case projects drop in US imports of petroleum due to modest economic growth, increased efficiency, growing domestic oil production, and biofuels

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EIA added a premium to the capital cost of CO 2 -intensive technologies to reflect current market behavior regarding possible future policies to mitigate greenhouse gas emissions. Over the next 10 years, continued development of tight oil (e.g., Total US energy-related CO 2 emissions remain below their 2005 level through 2035.

Oil 210
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Purdue study projects that under likely adoption rates, use of biojet fuel alone will not meet aviation emissions reduction targets for 2050; the need to go above 50% blends

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Uncertainty range of the aviation GHG emissions under the High Oil price scenario (the most optimistic for biojet adoption), given in a box plot depicting the minimum, quartile, and maximum values. The model uses three price scenarios: low oil, reference and high oil. Credit: ACS, Agusdinata et al.

Emissions 225
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EIA: US household gasoline expenditures in 2015 tracking to be lowest in 11 years

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Lower fuel expenditures are attributable to a combination of falling retail gasoline prices and more fuel-efficient cars and trucks that reduce the number of gallons used to travel a given distance. Household gasoline costs are forecast to average $1,962 next year, assuming that EIA’s price forecast, which is highly uncertain, is realized.

2015 210