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EIA expects record global petroleum consumption in 2024, with lower crude oil prices

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EIA expects crude oil prices to decrease through 2023 and 2024, even as petroleum consumption increases, largely because growth in crude oil production in the United States and abroad will continue to increase over the next two years. Areas of uncertainty include Russian oil supply and OPEC production. per gallon in 2024.

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New Road Map to a US Hydrogen Economy

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A coalition of major oil & gas, power, automotive, fuel cell, and hydrogen companies have developed and released the full new report, a “ Road Map to a US Hydrogen Economy. ” Road Map to a US Hydrogen Economy ”. The US is home to industrial sector leaders capable of scaling a hydrogen economy. million jobs by 2050.

Economy 521
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IEA: global oil demand to decline in 2020 as coronavirus weighs on markets

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Global oil demand is expected to decline in 2020 as the impact of the new coronavirus (COVID-19) spreads around the world, constricting travel and broader economic activity, according to the International Energy Agency’s (IEA’s) latest oil market forecast. The IEA now sees global oil demand at 99.9

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IHS Markit: global oil demand still growing in the short term despite increasing focus on EVs

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Short-term oil demand is still growing strong and will continue to do so through the end of 2020 despite the market’s increasing focus on electric vehicles and the forecasted future plateau in oil demand, according to new analysis from IHS Markit, a global business information provider. Source: IHS Markit 2018.

Oil 276
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EIA expects US motor fuel consumption to increase this summer, but remain below 2019 levels

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The US Energy Information Administration (EIA) forecasts an increase in demand for petroleum products during the 2021 summer driving season as the impacts of COVID-19 diminish in the United States. EIA also forecasts the Brent crude oil price will average $64 per barrel this summer, a 78% increase from last summer’s average of $36 per barrel.

2019 186
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Navigant forecasts MHD vehicle market to nearly double by 2035 with declining share of conventional engines; gases win out over electricity

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The number of medium- and heavy-duty vehicles (MHDVs) in use worldwide will nearly double between 2014 and 2035, according to a new forecast report by Navigant Research. Navigant projects that annual MHDV sales will grow throughout the forecast period at a compound annual growth rate (CAGR) of 2.4%. of the market in 2014 to 11.2%

Market 273
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EIA projects increases in global energy consumption and emissions through 2050

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In its International Energy Outlook 2021 (IEO2021), EIA projects that strong economic growth, particularly with developing economies in Asia, will drive global increases in energy consumption despite pandemic-related declines and long-term improvements in energy efficiency. —Stephen Nalley.

Global 259