BP Projects that the US Will Become Energy Self-Sufficient by 2021

Comrent is providing solutions for mission-critical power testing infrastructure.

BP is projecting that the US will become energy self-sufficient in 2021 and maintains its position as the world’s largest liquids and natural gas producer. Here are some of the facts they revealed today:

· US energy production rises by 32% to 2035 while consumption expands by only 1%.

· Large declines in coal (-48%), oil (-12%) and nuclear (-12%) consumption are offset by growth in natural gas (+30%) and renewables (+194%).

· The large declines in oil and coal consumption drive US CO2 emissions from energy use to decline 13% by 2035 to levels not seen since 1986.

· Natural gas replaces oil as the leading fuel in US energy consumption around 2028 – increasing from 30% today to nearly 38% in 2035. As a result, oil’s share of the fuel mix falls from 35% to 31%, the lowest on record.

· Fossil fuels account for 79% of US energy demand in 2035, but down from today’s 85%, driven by more renewables in power generation, growing from 3% today to 9% in 2035.

· Energy consumed in power generation increases by 4% and by 2030 gas over takes coal as the dominant fuel source in power generation; its share increases from 22% to 32%.

· Energy consumed in transport falls by 13%. Oil remains the dominant fuel source, but its share falls from 95% today to 84% in 2035 as biofuels and natural gas capture 9% and 6% respectively of the share.

· US energy production as a share of consumption rises from 84% in 2013 to 109% in 2035.

· Rising US production of oil (+43%) and natural gas (+66%) outpace declines in coal (-30%). Oil output surpasses its previous high (1970) in 2015 while natural gas continues to rise from today’s record levels.

· US tight oil output grows by about 3 Mb/d to over 5 Mb/d in 2035. Shale gas production grows by 164% to 74 Bcf/d accounting for two-thirds of total gas production.

· With large increases in oil and natural gas production the country becomes a net exporter of natural gas for the first time by 2016 and a net oil exporter in 2031.

· The US share of global demand falls from 18% to 13% in 2035 as China rises from 22% to 26%, having surpassed the US in 2010 as the largest energy consumer.

· The US remains the world’s largest producer of natural gas, accounting for 23% in 2035. The US also becomes the world’s largest liquids producer (including biofuels) starting in 2013 and remains so through 2035.

· US energy intensity is 39% lower in 2035, falling faster than the global decline of 36%. Per capita energy use becomes the lowest on record by 2035.

Find out more about our expertise in the utilities sector.

Contact a power testing equipment expert today

Do you have a question? Connect with one of our experts. Please fill out the form and a member of our team will contact you within one business day.

Call an expert at ComRent today!   888.881.7118
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.