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Higher consumer demand is only hope for easing crude glut, Dallas Fed says
7/14/2017
Mario Tama/Getty Images

A surge in the global demand for oil is the key to achieving oil market balance, but improved fuel efficiency and the rise of self-driving vehicles stand in the way of substantial oil consumption growth, according to the Dallas Federal Reserve. Bauer School of Business economist Bill Gilmer says US shale drillers are largely to blame for the low prices and the persistent glut because they are increasing production at an "uneconomic" pace and "again chasing equity gains at the expense of long-run profits."

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