The Energy Security Fact Pack for Q1 2017 examines the resurgence of the U.S. oil industry, the condition of U.S. roadway infrastructure, autonomous vehicle legislation across the country, and more.
During a time of heightened uncertainty in energy markets, SAFE’s Fact Pack includes the following insights:
• Global crude oil prices increased quarter-over-quarter (q-o-q) in Q1 2017 on the implementation of OPEC’s coordinated cuts and expectations that the producer bloc would continue to draw down supplies in the second half of 2017.
• U.S. gasoline prices increased 25% year-over-year (y-o-y) but remain moderate for consumers at $2.25 per gallon.
• Over the next three decades, U.S. roadways will manage significant projected increases in truck-carrying freight, which is expected to grow 35% to 14.2 billion tons between 2015 and 2045.
• Americans drove a record 267 billion miles in Q1 2017. A growing proportion of those miles are now being driven by light trucks, which accounted for 65 percent of new light-duty vehicle (LDV) purchases in Q1.
• The U.S. oil rig count increased from 525 to 662 in Q1, a 21% increase q-o-q after falling to its lowest point since 2009 in Q2 2016. U.S. crude oil production continued to grow, reaching 9.0 mbd (+0.2 mbd q-o-q). Forecasts for 2018 show U.S. crude oil production averaging 10.0 mbd.
• U.S. liquids production grew 0.1 mbd q-o-q in Q1 2017. Inclusive of fuel ethanol and natural gas liquids (NGLs), total U.S. liquids production remains roughly 6.0 mbd higher than in 2008.
• U.S. crude oil and petroleum product imports grew to 10.4 mbd in Q1 2017 (+0.5 mbd y-o-y) after having fallen in Q4 2016. U.S. imports from OPEC remained steady at 35% (approximately 3.6 mbd) for the third straight quarter with Saudi Arabia as the leading source (1.3 mbd).
• Global oil production remained roughly flat in Q1 2017 y-o-y at 96.9 mbd as sharp cuts in Saudi output met resurgent U.S. production. The U.S. contributed 66% of net global supply growth between 2012 and 2017.
• New light truck sales averaged 10.9 million units in Q1 2017, increasing by approximately 0.6 million units y-o-y. Light trucks now account for roughly 64% of LDV sales, a 4.6 percentage point increase y-o-y.
• Approximately 41,000 plug-in electric vehicles were sold in Q1, a massive 43% y-o-y increase. Popular models included Tesla’s Model S and Model X and the Chevrolet Volt. The six best-selling vehicles accounted for approximately 65% of total sales.
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