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Fundamental changes in the US energy balance
Sunset of the era of oil and gas, ESG projects, green energy? If we turn to the official EIA data, the share of oil and gas has been steadily growing over the past 10 years to a 40-year maximum in the structure of total energy consumption by all economic entities.
100% is the consumption of all types of primary energy (oil, gas, coal, nuclear, hydro and renewable sources) for the following subjects: transport, industry, commercial sector, households, utilities, power plants.
Oil, gas and coal make up 79% of the total energy consumption, and this share has been declining over the past 15 years from 85-86% due to coal. However, oil and gas rose from 61% to 68.5% - the highest since 1982!
Renewable sources are growing and reaching coal. The difference in the figures in the statistics (https://t.me/spydell_finance/1071) for the electricity industry is due to the fact that households that actively use biofuels are taken into account here.
So only coal replaces the sun and wind. ESG is the manipulation of public opinion. Oil and gas are growing steadily!
The past 15 years have seen fundamental changes in the US energy mix. From a net importer, the US has become a net exporter of primary energy. For comparison purposes, all data is in trillion BTUs.
At the end of 2006, the US was a net importer of coal, oil and gas over 30,000 trillion Btu per year, by February 2022 became a net exporter of 4,000 trillion Btu per year. These are very sharp and strong movements in the energy balance, which have not previously occurred to any country on a comparable scale in such a short period of time relative to the size of the economy.
For petroleum products, it was a net importer of 5,300 trillion BTUs in 2006 and became a net exporter of 5,500 BTUs - 948 million barrels per year, or about 2.6 million barrels per day.