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Energy Report United States 2nd Quarter

  • ID: 3169495
  • Report
  • April 2021
  • Region: United States
  • 18 Pages
  • The Economist Intelligence Unit
The Economist Intelligence Unit expects that US energy consumption fell significantly in 2020, by 7.8%, owing to an estimated contraction in US GDP of 3.5%. However, there will be a modest rebound in 2021. Overall, we forecast that total energy consumption will change little over the forecast period (2021-30), and by 2030 it will still be just slightly lower than our 2021 forecast.

The Biden administration will prioritise climate change in its energy policy agenda, with the Democratic president, Joe Biden, having pledged an emissions-free power sector by 2035, the return of the US to the Paris Agreement on climate change, and to put the US on a path towards net zero emissions by 2050. In late March he also put forward a US$2trn infrastructure and jobs plan that includes heavy spending on cleaner energy items such as electric vehicle (EV) charging points, extended tax credits for solar and wind power, and upgrades to electrical grids. It may take some years for the impact (and extent) of the Biden climate and energy agenda to be seen, but we expect an acceleration of renewables deployment in the second half of the forecast period, as well as an accelerated reduction in coal-fired power.

As a mature, high-income economy, consumption of oil will decline slightly between 2022 and 2030 (following a strong rebound in 2021). Oil consumption fell by nearly 14% in 2020, but we expect a partial recovery of just over 7% in 2021. Natural gas consumption will fall by about 2% in 2020, but will grow by an annual average of 0.7% between 2021 and 2030. For coal, however, we expect consumption to continue to decline, by an annual average of more than 7% over the forecast period, following an estimated fall of about 19% in 2020 due to shrinking demand from the power sector (which will be followed by a temporary recovery of 7% in 2021).

Industry List: Coal, Energy, Electricity, Energy, Energy, Energy, Energy policy, Energy, Nuclear, Energy, Oil and gas, Energy, Renewables, Energy, Risk and return
Industry Codes (NAIC): 22;22;336
Industry Codes (SIC): 37;49;49
Note: Product cover images may vary from those shown
Energy Report United States 2nd Quarter

Energy report: Overview

Energy report: Energy policy

Energy report: Oil and gas

Energy report: Electricity

Energy report: Coal

Energy report: Nuclear

Energy report: Renewable energy

Energy report: Risk and return
Note: Product cover images may vary from those shown
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