Energy

The current and future direction of the energy industry is directly related to the demand for power and energy in the country. The Energy Information Administration predicts that world energy consumption will grow by 47 percent by 2050, with oil remaining the largest energy source just ahead of renewable energy. Electricity generation is predicted to increase at a conservative rate per year, yet energy consumption per capita will actually decline each year from 2017 to 2050 thanks to improved and more efficient technology and reduced use by consumers. (It also declined significantly in 2020 as a result of reduced usage in response to stay-at-home orders and other protective edicts issued during the COVID-19 pandemic.) Keep in mind, however, that the EIA’s projections assume there will be no further major changes in environmental and government regulations during this time. Predictions about short- and long-term prospects about energy supply and demand should be considered likely to change.