ALEXANDRIA, Va. – On this week’s episode of Convenience Matters, “Effects of Oil Market Dynamics,” NACS hosts Jeff Lenard and John Eichberger, executive director of the Fuels Institute, talk with Dean Foreman, chief economist for the American Petroleum Institute (API) about the future of oil.
Trends related to oil supply and demand have enormous implications for the convenience and fuel retailing industry, whether it’s how changes in oil prices affect gas prices or consumer sentiment. “The industry is in a really strong period right now,” said Foreman. “In terms of petroleum, it’s here to stay. We’ve got a renaissance of energy in the United States where productions have ramped up, and it’s more abundant and affordable than ever.”
The trio discussed how America’s capacity for refining has increased, thus feeding some of the global demand for fuel in countries like China and India. ‘There’s explosive demand in other countries,” Lenard pointed out, “which means that those countries have to figure out fuel supplies and distribution. Foreman added that the rise in oil usage in China and India, for example, is being fueled by a corresponding rise in motorized vehicles in those countries.
Each week a new Convenience Matters episode is released. The weekly podcast can be downloaded on iTunes, Google Play Music and Stitcher and at www.conveniencematters.com. Episodes have been downloaded by listeners more than 39,000 times in more than 95 countries.