USA – Economic Slowdown and Energy consumption in 2020
Although there has been a global decline in the consumption of petroleum and liquid fuels in the first quarter of 2020 due to the COVID-19 pandemic but according to the U.S. Energy Information Administration (EIA) Net crude oil imports is going to increase due to the decline in U.S. crude oil production in the third quarter of 2020.
The U.S. Energy Information Administration (EIA) also forecasts that commercial consumption of natural gas and residential consumption of natural gas are both to decrease in 2020 from 5.8% to 7.1% respectively. This is due to warmer than normal weather as well as due to a slowing economy.
The economic slowdown and the stay at home orders will also affect the U.S. electricity consumption especially in the commercial sector due to closure of many businesses leading to a 4.2% fall in retail sales of electricity to the industrial sector in 2020 according to one forecast of the U.S. Energy Information Administration (EIA).