WASHINGTON, DC – The November Short-Term Energy Outlook from the U.S. Energy Information Administration (EIA) remains uncertain because responses to COVID-19 continue to evolve. Reduced economic activity related to the pandemic has caused changes in energy demand and supply patterns this year and will continue to affect these patterns in the future. U.S. gross domestic product (GDP) declined by 4.4 percent in the first half of 2020 compared with the same period a year ago. GDP began rising, however, in the third quarter and is projected to grow 3.7 percent next year. At the same time, EIA forecasts that U.S. energy-related carbon dioxide (CO2) emissions, after decreasing by 2.6 percent in 2019 from the previous year’s level, will decrease by 10 percent in 2020 as a result of reduced consumption of fossil fuels. EIA expects emissions from coal will be down 18 percent from last year and emissions from petroleum will be down 13 percent. This decline in emissions is the result of less energy consumption related to slowing economic growth in response to the COVID-19 pandemic. In 2021, EIA forecasts that energy-related CO2 emissions will increase 6 percent from the 2020 level as the economy recovers and energy use increases.
(SOURCE: All Ag News)