EIA Expects USA Energy Consumption to Rise
by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas
Total U.S. energy consumption will rise from 93.69 quadrillion Btu (qBtu) in 2023 to 94.18 qBtu in 2024 and 95.15 qBtu in 2025.
That’s according to the U.S. Energy Information Administration’s (EIA) latest short term energy outlook (STEO), released earlier this month, which projected that the country’s total energy consumption will come in at 23.86 qBtu in the fourth quarter of this year.
Demand will be 24.70 qBtu in the first quarter of 2025, 22.24 qBtu in the second quarter, and 24.11 qBtu in the third and fourth quarters of next year, the STEO forecast. Consumption was 24.39 qBtu in the first quarter of 2024, 22.21 qBtu in the second quarter, and 23.72 qBtu in the third quarter, the report revealed.
In its previous STEO, which was released in November, the EIA projected that total U.S. energy consumption would come in at 94.08 qBtu in 2024 and 94.90 qBtu in 2025. That STEO put 2023 demand at 93.65 qBtu.
The EIA’s previous STEO saw total U.S. energy demand coming in at 23.75 qBtu in the fourth quarter of 2024, 24.61 qBtu in the first quarter of 2025, 22.18 qBtu in the second quarter, 24.01 qBtu in the third quarter, and 24.11 qBtu in the fourth quarter.
That STEO put demand at 24.39 qBtu in the first quarter of this year, 22.21 qBtu in the second quarter, and 23.74 qBtu in the third quarter.
U.S. liquid fuels consumption will average 20.29 million barrels per day in 2024 and 20.53 million barrels per day in 2025, according to the EIA’s December STEO, which projected that U.S. natural gas demand will average 90.5 billion cubic feet per day this year and 90.2 billion cubic feet per day next year.
The country’s liquid fuels demand came in at 20.28 million barrels per day in 2023, the STEO showed. Its natural gas consumption was 89.1 billion cubic feet per day last year, the STEO revealed.
In its previous STEO, the EIA projected that U.S. liquid fuels consumption would average 20.32 million barrels per day this year and 20.51 million barrels per day next year. That STEO forecast that U.S. natural gas demand would average 90.0 billion cubic feet per day in 2024 and 89.6 billion cubic feet per day in 2025.
The November STEO’s overall 2023 U.S. liquid fuels and natural gas demand figures were the same as the December STEO’s.
In its December and November STEOs, the EIA notes that conversion from physical units to Btu is calculated using a subset of conversion factors used in the calculations of gross energy consumption in EIA’s Monthly Energy Review.
The Energy Institute’s (EI) latest statistical review of world energy, which was released earlier this year, showed that U.S. primary energy consumption came in at 94.28 exajoules in 2023. That figure was 1.2 percent down year on year and represented 15.2 percent of total primary energy consumption in 2023, the review highlighted.
From 2013 to 2023, U.S. primary energy demand has grown by an average of 0.2 percent every year, the review outlined.
The U.S. was the country with the second highest primary energy demand figure in 2023, according to the review, which showed that China had the highest consumption figure last year, at 170.74 exajoules.
That figure marked a 6.5 percent year on year increase and 27.6 percent of total primary energy demand in 2023, the review pointed out. From 2013 to 2023, China’s primary energy demand has grown by an average of 3.4 percent every year, the review outlined.
The EI notes in its review that primary energy comprises commercially traded fuels, including modern renewables used to generate electricity. Energy from all sources of non-fossil power generation is accounted for on an input-equivalent basis, the review adds.
by Andreas Exarheas
click here to read this article at Rigzone.com
*this article was not written by Roseland Oil & Gas