SAFE’s Energy Security Fact Pack gives readers a data-driven overview of the latest trends in energy security, including domestic and global oil production and consumption, oil market dynamics and prices, and up-to-date information on fuel efficiency and alternative fuel vehicles.
The Energy Security Fact Pack for Q3 2016 examines energy and the presidency, continued price volatility, record electric vehicle sales, and more.
During a time of unprecedented uncertainty in energy markets, SAFE’s Fact Pack includes the following insights:
- Driven by an overall decline in total U.S. liquids supply, global oil production fell 0.1 mbd y-o-y in Q3, the first contraction since Q1 2013.
- Global oil demand grew by approximately 0.7 mbd y-o-y in Q3 driven by growth in non-OECD countries.
- OPEC spare crude oil production capacity fell to just 1.0 mbd at the end of Q3. This is equivalent to approximately 1% of global consumption.
- U.S. oil intensity remained unchanged in Q3 at 0.43 barrels per $1,000 of GDP. However, household spending on petroleum fuels is down.
- New light truck sales soared to 10.7 million units in Q3 2016. Light trucks now account for 61% of new light-duty vehicle sales, the highest share since the summer of 2005.
- Total U.S. vehicle miles traveled has increased for ten consecutive quarters. In Q3, VMT rose by approximately 2.3%, or 206 million miles y-o-y.
- Approximately 45,000 plug-in electric vehicles were sold in Q3 (+63% y-o-y), the best quarter on record.