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The Industry Today

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’s (EIA) report International Energy Outlook 2019 projects that world energy consumption will grow by nearly 50 percent between 2018 and 2050. 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 issue 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, and that a vaccine will be developed for COVID-19. The Trump administration’s emphasis on energy independence and its recent moves toward environmental and energy industry deregulation have created considerable uncertainty in the energy industry. Predictions about short- and long-term prospects about energy supply and demand should be considered likely to change.

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