Breaking News: U.S. Energy Outlook 2024 – What You Need to Know
The U.S. Energy Information Administration (EIA) has released its Short Term Energy Outlook (STEO) predicting a decline in production in 2024 alongside a record high in demand. Dry gas production is expected to decrease from a record 103.8 billion cubic feet per day (bcfd) in 2023 to 103.5 bcfd in 2024, with output projected to rise to 104.6 bcfd in 2025.
Domestic gas consumption is forecasted to increase from 89.1 bcfd in 2023 to 90.1 bcfd in 2024 before dropping back to 89.1 bcfd in 2025. This shift marks the first decline in output since 2020 and the first consecutive increase in demand since 2016.
The EIA also anticipates a rise in U.S. liquefied natural gas (LNG) exports to 12.1 bcfd in 2024 and 13.8 bcfd in 2025. Additionally, coal production is projected to decrease significantly, reaching its lowest levels since the 1960s.
Furthermore, carbon dioxide (CO2) emissions from fossil fuels are expected to decrease in 2024 before slightly increasing in 2025, reflecting changes in oil, coal, and petroleum use.
Overall, these projections indicate important shifts in the energy sector that could impact investment opportunities and financial markets. Stay informed to make informed decisions about your finances and future.