From: Douglas Grandt answerthecall@me.

com
Subject:S.1460 does not address the likelihood of an Oil Price Spike Coming In 2020
Date:September 20, 2017 at 2:41 PM
To:Colin Hayes (Senate ENR Ctee) Colin_Hayes@energy.senate.gov, Angela Becker-Dippmann (Senate ENR Ctee)
Angela_Becker-Dippmann@energy.senate.gov
Cc: Michaeleen Crowell (Sen. Sanders) Michaeleen_Crowell@sanders.senate.gov, Katie Thomas Katie_Thomas@sanders.senate.gov
, Darren W. Woods Darren.W.Woods@ExxonMobil.com, Jeffrey J. Woodbury jeff.j.woodbury@exxonmobil.com,
William (Bill) M. Colton William.M.Colton@ExxonMobil.com, Susan K. Avery, PhD savery@whoi.edu, Suzanne M. McCarron
Suzanne.M.McCarron@ExxonMobil.com, Max Schulz max.schulz@exxonmobil.com

Oil Price Spike Coming In 2020: Good for OIL, bad for U.S.

Dear Colin and Angela,

How does the Senate Energy and Natural Resources Committee intend to deal with the
uncertainty that the casino oil market will likely prolong and worsen. Will you allow the
U.S. economy and Americans to be held hostage with uncertain living conditions?
In the ZeroHedge article "IEA: Oil Price Spike Coming In 2020 OilPrice.com Nick
Cunningham lays out uncertainty that is the result of a business-as-usual, laissez-faire
'que sera sera' approach. He states, in part (Bit.ly/ZeHe19Sep17):
"The oil market has been awash in crude for more than three years, and OPEC has
struggled to accelerate the rebalancing effort, but the world could be heading for
a supply crunch in a few years due to the sharp fall in industry spending.
"The halving of oil prices from $100 per barrel before 2014 down to just $50 today
has led to a corresponding plunge in upstream investment. ...
"Spending has increased a bit this year, but the IEA still warns that it is insufficient
to meet future demand.
"One big uncertainty that could ease concerns about a future supply crunch is the
prospect of peakor at least dramatically slowerdemand, a notion that has
recently gained currency. The projections regarding demand really run the gamut.
The IEA tends to skew toward more business-as-usual assumptions, downplaying
the effect of EVs on demand growth, resulting in forecasts that show relatively
strong demand for years to come. Others, including Bloomberg New Energy
Finance (which is bullish on clean energy) warn of a drop in oil demand as new
technologies take over."
It is your job to protect the American people from avoidable risks such as this. What do
you intend to do to avert the worst case scenarios. S.1460 is moot on this issue. Kill it.
Sincerely yours,

Doug Grandt
.