In March, US President Donald Trump issued the “Energy Independence” executive order, requiring the US Environmental Protection Agency to rewrite the Clean Power Plan, a keystone of former President Obama’s efforts to address climate change. According to experts from the Trump administration, rejecting federal support for alternative energy and delaying the full transition of the US economy to renewable resources will reduce the US budget by approximately 18 percent.
While the executive order may seek to revive the coal industry by allowing development of US coal deposits, the US will face challenges meeting the order’s twin aims for energy self-sufficiency and a zero trade balance. The US will have to compete for market share with other coal producers during a period when forecasts show production of coal globally will outstrip growth in coal consumption.
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Source: BP Statistical Review of World Energy, June 2015 (Prices)
One of the most important trends of the global energy market in 2015 was the weak growth of energy consumption across the developed world. Thus, the aggregate energy consumption of OECD member states did not change as compared to 2014 while G7 countries even demonstrated 1% decline in energy consumption over 2015 with United States, Canada, and Japan being the main drivers of decline. On the contrary, energy consumption in European countries rebounded by 1.3% in 2015. The trends across key energy sectors are as follows:In the oil sector, United States overtook Russia by the oil production and approached Saudi Arabia.Electricity demand in...
Energy Production Forecast | Energy Consumption Forecast Source: BP Energy Outlook 2035, February 2015