The possibility that the use of fossil fuels will one day be restricted creates a powerful incentive for oil producers to sell as much as they can before the limitations take effect. This logic might be behind Saudi Arabia’s response to plummeting oil prices: rejecting calls by OPEC to cut production.
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America’s Never-Ending Oil Consumption
The United States accounts for less than 5 percent of the world’s population, but it consumes about 20 percent of the global energy supply. The average American citizen uses nearly two times as much fossil fuel as a person living in Great Britain….But politicians seem wary of telling Americans they need to cut back.