US Renewables Group (USRG)
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In the liquid fuels market, fossil fuels have come under increasing pressure due to concerns over supply and increasing concerns related to climate risk and air pollution. Unlike the electricity market, the fuels market is 97% dependent on oil for supply. This issue is compounded by the fact that little spare production capacity exists, and geopolitical risks in major supply countries in the Middle East, Africa and Latin America have curtailed supplies.Most popular related searches
Furthermore, the U.S. currently uses more than three times as much oil as any other country and approximately 25% of global supply. With the emerging economies of China and India expected to surpass U.S. demand by 2020, there is urgent market demand for new supplies. USRG does not expect this situation to improve significantly in the near- or long-term, despite the billions of dollars of investment in new oilfield development. As a result, and in order to continue to satisfy consumption growth, new supplies will be needed to replace declining existing resources.