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9 consequential energy predictions for 2024

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By illuminem briefings 🌎

· 2 min read


illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:

🗞️ Driving the news: Here are the nine consequential energy predictions for 2024:
1. Non-Tesla EV Pressure: Non-Tesla automakers will face investor pressure to scale back electric vehicle (EV) plans due to uncertain demand sustainability
2. Solar Energy Growth: Solar energy, benefiting from subsidies and tax breaks, will see more growth compared to wind
3. Increased Coal Usage: Coal usage will reach record volumes, driven by China's buildout and developing countries' reliance on coal
4. National Over Global Priorities: Countries will prioritize national energy security over international climate goals
5. US Energy Policy in Elections: US energy policy will become a central issue in the fall elections.
6. Crude Oil Demand Increase: Global demand for crude oil is projected to rise by 2-2.5 million barrels per day
7. Stable Oil Prices: Crude oil prices are not expected to exceed $90 per barrel
8. Declining US Rig Count: The U.S. domestic rig count will continue to drop due to optimized processes.
9. Stable Gasoline Prices: No significant spikes in gasoline prices are expected during the year.

🔭 The context: The energy sector in 2024 is marked by a mix of traditional and renewable sources, influenced by global climate concerns, economic factors, and changing political landscapes

🌍 Why it matters for the planet: These trends have a critical impact on global warming and sustainability
The growing use of coal presents environmental challenges, while the shift to solar energy marks progress towards cleaner solutions
However, the persistent demand for oil highlights the complexity of transitioning from traditional energy sources, underscoring the need for a balanced approach to protect the planet

⏭️ What's next: Policymakers now face the challenge of balancing economic growth with environmental responsibility

💬 One quote: "The pace of innovation and technological advancement... means that any seemingly stable state in the global energy picture is destined to be short-lived." (David Blackmon, Forbes contributor)

📈 One stat: Solar energy in the US has seen record-setting expansion over the past two years, signaling a shift towards more sustainable energy sources

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