Washington, D.C. — A new report from the Center for American Progress shows how declining global demand for oil and gas benefits Americans and includes recommendations on how U.S. policy can help speed up the timeline for driving prices down.
If global climate policies are strengthened, oil and gas demand could plateau or even peak over the next decade, which would cut oil prices and prevent greenhouse gas emissions from increasing.
The report finds that by advancing decarbonization with international partners through U.S. trade policy, security partnerships, and development assistance, the United States could help reduce global oil and gas demand by 10 percent from 2030 to 2050. In contrast, current policies could lead to oil and gas demand rising by 15 percent over the same time period.
“Instead of actively pushing international partners to increase their reliance on oil and gas as the Trump administration has done, the United States could—under future leadership—work with other countries to decrease global demand for oil and gas,” said Courtney Federico, associate director for international climate at CAP and author of the report. “This would achieve mutually beneficial goals, such as energy security, affordability, supply chain resilience, and climate risk reduction.”
Taken together, the United States along with countries that are its close economic and security partners, represent more than half of global oil and gas demand in 2050 and therefore can accelerate a global peak in demand by working together to decarbonize through trade, security, and foreign development assistance.
Read the report: “Declining Global Demand for Oil and Gas Benefits Americans, and U.S. Policy Can Accelerate It” by Courtney Federico
For more information or to speak with an expert, please contact Sam Hananel at [email protected].