Of critical importance will be the extent to which the more than 200 million light vehicles on U.S. highways, which consume 11 percent of total world oil production, become more fuel efficient as vehicle buyers choose the lower fuel costs of lighter or hybrid vehicles.
*** Aside from uncertain demand, the resolution of current major geopolitical uncertainties will materially affect oil prices in the years ahead. That, in turn, will significantly influence the levels of investments over the next decade in raising crude oil productive capacity and, only slightly less importantly, investment in refining facilities.