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EIA sees energy demand recovery from COVID-19 as soon as 2029

Economy, Finance

The Energy Information Administration expects total U.S. energy consumption to return to 2019 levels by 2029, but also said that forecast “is highly dependent on the pace of the U.S. economic recovery,” according to the government agency’s Annual Energy Outlook report released Wednesday afternoon. “It will take a while for the energy sector to get to its new normal,” said EIA Acting Administrator Stephen Nalley, in a statement. “The pandemic triggered a historical energy demand shock that led to lower greenhouse gas emissions, decreases in energy production, and sometimes volatile commodity prices in 2020.” If the U.S. sees low economic growth, energy consumption may not return to 2019 levels until 2050, the EIA said. On Wednesday, March West Texas Intermediate crude oil rose 93 cents, or 1.7%, to settle at $55.69 a barrel, the highest finish for a front-month contract since January 2020.

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