Yet at the same time falling emerging stock markets may raise questions about demand. Yes, according to The Energy Information Administration the world's consumption of gasoline, diesel fuel, jet fuel, heating oil, and other petroleum products reached a record high of 88.9 million barrels per day (bbl/d) in 2012, as declining consumption in North America and Europe was more than outpaced by growth in Asia and other regions, yet the type of rabid demand growth we saw in the last decade will not happen. Besides the fact that the U.S. has unleashed its production with shale and fracking and directional drilling, the peak oil "frenzy will not add to the buying. The other reason is the U.S., the world's largest consumer, met 87% of its own energy needs in the first four months of 2013, on pace to be the highest annual rate since 1985, according to EIA data.
Do you want to lower greenhouse gas emissions? Use more natural gas! U.S. Energy Secretary Ernest Moniz said that the U.S. natural gas boom has played a major role in reducing greenhouse-gas emissions! Bloomberg News reported that "Natural gas futures climbed in New York for the third time in four days as meteorologists predicted above-normal temperatures that would stoke demand for power generation. Gas gained 0.8% as Commodity Weather Group LLC in Bethesda, Maryland, said the weather may be hotter than usual in most of the lower-48 states through Sept. 9. The high in Houston on Aug. 31 may be 96 degrees Fahrenheit (36 Celsius), 5 more than average, according to AccuWeather Inc. in State College, Pennsylvania. "This heat wave is giving the market a boost," said Phil Flynn, a senior market analyst at Price Futures Group in Chicago. "Power demand has been a lot higher than anticipated and buyers are creeping into the market." Natural gas for September delivery rose 2.8 cents to settle at $3.513 per million British thermal units on the New York Mercantile Exchange. Trading volume was 47% below the average at 2:45 p.m. Prices are up 4.8% this year.”