/i.forbesimg.com/media/assets/logos/forbes-logo-f.png") center center no-repeat rgb(0, 0, 0);">
China, Philippines Reportedly Set To Agree To Joint Oil Exploration In South China Sea
Mute
Current Time0:13
/
Duration Time0:15
Loaded: 0%
Progress: 0%

“The oil and gas industry’s main problem isn’t the ability to produce more, but the fact that nobody knows why the hell it matters,”LIK

And we know that there is so much more to come: oil is the world’s primary fuel, oil is the enabling force of globalization, and 85% of the global population lives in undeveloped nations still waiting for their chance to consume oil like we rich Westerners do. Just imagine the future: every day, for instance, the average American consumes 25 times more oil than the average Indian, and India has four times more people!

/www.forbes.com/sites/judeclemente/2016/06/05/rising-investment-requirements-show-oils-irreplaceability/#4342bf3d346e" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; text-decoration: none; -webkit-tap-highlight-color: transparent; color: rgb(0, 56, 145);" target="_blank" rel="noindex nofollow">here)

How Much Oil Does the World Have Left? A Lot (here)

Rising U.S. Oil Demand in 2015 – and Beyond (here)

Why Biofuels Can’t Replace Oil (here)

Exporting U.S. Crude Oil is a Moral Obligation (here)

Three Reasons Oil Will Continue to Run the World (here)

Recommended by Forbes

MOST POPULAR
/www.forbes.com/pictures/fflf45fkhe/the-richest-person-in-ev/" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; text-decoration: none; -webkit-tap-highlight-color: transparent; display: block; overflow: hidden; height: 104px; position: inherit; background-color: rgb(121, 121, 121);" target="_blank" rel="noindex nofollow">Photos:The Richest Person In Every State
TRENDING ON LINKEDIN
/www.forbes.com/sites/lizryan/2016/11/05/the-recruiter-said-youre-lucky-to-even-get-an-interview/" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; text-decoration: none; -webkit-tap-highlight-color: transparent; display: block; overflow: hidden; height: 104px; position: inherit; background-color: rgb(0, 0, 0);" target="_blank" rel="noindex nofollow">The Recruiter Said 'You're Lucky To Even Get An Interview'

/www.eia.gov/forecasts/ieo/pdf/ieotab_5.pdf" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; text-decoration: none; -webkit-tap-highlight-color: transparent; color: rgb(0, 56, 145);" target="_blank" rel="noindex nofollow">here). This comes from the ignored fact that oil has no significant direct substitute. No matter the attention they receive or the incentives being offered, non-oil vehicles, for instance, are not even 1% of the vehicles being sold.

In fact, the established more money, more oil link is precisely why oil demand is sure to increase: is there any nation on Earth that doesn’t strive to grow its economy and raise per capita incomes?

Thus, policies that hurt the U.S. oil industry in the name of helping Americans are sheer folly because they ultimately just hurt Americans by making an indispensable product more difficult and costly to bring to market. Especially since oil is a global commodity sold on an international market, where “events over there affect prices over here,” rising oil demand mandates that we produce as much here and support our oil industry as much as possible.

RIP, Jack Palance.

Screen Shot 2016-08-27 at 7.09.24 PM

Global Oil Demand is Always Rising – and Not Related to Price

/blogs-images.forbes.com/judeclemente/files/2016/08/Screen-Shot-2016-08-28-at-4.59.51-PM.jpg?width=960" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; max-width: 100%;">

companies/bp/" data-name="BP" data-naturalid="fred/company/676" data-quotes-closing="0.0" data-quotes-now="0.0" data-ticker="null" data-type="organization" style="box-sizing: border-box; margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; font-size: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline;">
BP; JTC

https://www.forbes.com/sites/judeclemente/2016/08/28/global-oil-demand-can-only-increase/#6d5a66bc1a5e