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2021-02-05 12:40:00

OIL REMAINS THE FUEL

OIL REMAINS THE FUEL

U.S. EIA - February 3, 2021 - ANNUAL ENERGY OUTLOOK 2021

HIGHLIGHTS

Returning to 2019 levels of US energy consumption takes years; energy related carbon dioxide emissions fall further before leveling off or rising

  • Energy consumption fell faster than gross domestic product in 2020, and the pace at which both will return to 2019 levels remains uncertain.
  • Petroleum remains the most-consumed fuel in the United States, as energy-related carbon dioxide emissions dip through 2035 before climbing in later years.
  • The energy intensity of the U.S. economy continues to fall as end-use sector intensities decline at varying rates.

Renewable energy incentives and falling technology costs support robust competition with natural gas as coal and nuclear power decrease in the electricity mix

  • Electricity demand grows at a modest rate throughout the projection period.
  • As coal and nuclear generating capacity retires, new capacity additions come largely from natural gas and renewable technologies.
  • Renewable electricity generation increases more rapidly than overall electricity demand through 2050.
  • The cost-competiveness of solar photovoltaic and natural gas combined-cycle units leads to capacity additions.

Continuing record-high domestic energy production supports natural gas exports but does not necessarily mean growth in the US trade balance in petroleum products

  • Amid uncertainty, the United States continues to be an important global supplier of crude oil and natural gas.
  • Motor gasoline remains predominant despite a growing mix of technologies in passenger vehicles.
  • Natural gas consumption growth between 2020 and 2050 is concentrated in two areas: exports and industrial use.
  • The amount of crude oil processed at U.S. refineries decreased in 2020 because of lower demand for transportation fuels, but it returns to 2019 levels by 2025.
  • Consumption of biofuels as a share of the domestic fuel mix increases in AEO2021.

 

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