The Energy Information Administration (EIA) of the US government released the Short Term Energy and Winter Fuels Outlook on October, 2015. The report predicts that the demand for gasoline will continue to increase till the end of 2016 because of strong performance of the US economy and the continued fall in unemployment rates. However, US crude oil production has been falling in recent months, and will continue to fall till mid-2016, according to the report. This is mainly due to the excess supply of crude oil in the world at present.
These factors, along with the low price of oil, will have some impact on employment in the crude oil extraction sector. Besides, energy from renewable sources continues to rise. About 10 percent of the energy in the US is derived from renewable sources, and it is expected that most of the energy will from from renewable sources by 2040. Thus, even though the economy is performing relatively well, and unemployment rates are low, the crude oil sector may see job losses in the coming months, States that are relatively more dependent on the crude oil extraction industry may experience some negative effects on the economy, although in general, the nation as a whole is performing well.
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