How is US Fossil Fuel Consumption Changing?

It's no secret that fossil fuels are a dying resource, with some experts predicting that demand could peak by as early as 2020. In the wake of new findings from the US Energy Department revealing that fossil fuel consumption dropped to the lowest share in more than a century in 2017, the timeline isn't as implausible as it might sound.

Thanks to an increased awareness of energy consumption and a nationwide movement towards renewables, petroleum use remained well below its 2005 peak last year, with fossil fuels accounting for just over 80% of domestic energy consumption. This represents the lowest market share seen since 1902. Meanwhile, renewables are rapidly gaining momentum, with "clean energy" representing just over 11% of total consumption in the US.

US shuns "dirty" coal

A significant drop in the use of coal is one of the major triggers, a downward trend that's been influencing US energy consumption for over a decade now. Since 2005 national coal consumption has fallen by roughly 40% and dropped a further 2.5% in 2017, despite the Trump administration's efforts to bolster the industry. US natural gas consumption also fell by 1.4%, in spite of a steady increase in global demand and spike in domestic production.

After factoring in the latest data, the International Energy Agency projects that global gasoline demand will increase by a marginal 0.2% a year up until 2023. The slow crawl will be largely powered by new fuel efficiency standards introduced in 10 of the world’s biggest vehicle markets, including the US, UK and Australia, plus a host of EU nations.

Electric era gains momentum

There's also been a big push towards championing the electric era, with nations like the UK set to ban sales of all new diesel and petrol cars by 2030. Meanwhile, a bevy of global manufacturers are launching next generation electric models, with highly-anticipated models including the 2018 Nissan LEAF, 2018 Tesla Model S, 2019 Chevrolet Bolt EV and 2018 BMW i3.

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