The world is consuming more oil and liquid natural gas, and producers are drawing more fossil fuels from the ground, a trend that’s expected to continue through next year.
The U.S. is on track to produce more than 13 million barrels of crude oil per day in November, which would be the largest monthly domestic oil production on record, according to the U.S. Energy Information Administration. The country is expected to set
records for crude oil production this year and
next. Americans set a record for the month of October by consuming nearly 9.4 million barrels of gasoline, said Linda Capuano, EIA administrator, in a statement.
Risks in the global market moderated after Saudi Arabian oil production appeared to recover from September attacks and concerns about economic growth seemed to diminish, she said.
Harmful emissions have grown with consumption. Energy-related carbon dioxide emissions grew 2.7% in 2018, when winter months were colder and summer months were warmer than 2017, according to EIA.