Whether you’re a homeowner looking to save money on heating bills, an office manager who needs to cut electric expenses, or a factory facilities supervisor with a tight energy budget, the volatile energy market can dramatically affect your bottom line. When you understand some of the dynamics of energy production and consumption, you can make better decisions – in the short term and long term.
Based U.S. Energy Information Administration statistics, here are eight recent trends that may assist your energy decision making:
- Renewables continue to trend upward. In 2017, production and consumption of renewable energy reached a record high of 11 quadrillion Btu. Hydroelectric power production was slightly lower than the previous 50-year average, but wind and solar energy production were higher than ever.
- Natural gas production sees gains. In 2017, natural gas production notched its second-highest year, after the record-setting 2015. Efficient drilling and production techniques were able to tap natural gas from shale and tight geologic formations.
- Strong natural gas supply = strong exports. Natural gas plant liquids (NGPL) and hydrocarbon gas liquids (HGL) reached record highs in 2017, which allowed the United State to increase exports of natural gas.
- Natural gas prices decrease. With the strong natural gas production, prices decreased, which led to increased use of natural gas in industrial facilities and electric-power generation.
- Domestic energy production remains strong. In 2017, the United States produced about 90 percent of its energy needs through domestic sources. About 10 percent of U.S. energy consumption was met with imports of crude oil.
- Fossil fuels continue to contribute. Petroleum, natural gas, and coal accounted for about two-thirds of total U.S. energy production in 2017.
- Coal production bumped up. Coal production peaked in 2008 and has been trending downward through 2016. However, in 2017, coal production had an uptick of about 6 percent.
- Crude oil production rises. From 1970 to 2008, crude oil production decreased, but in 2009 production swung to increase. Crude oil production in 2017 and 2017 were the second and third highest. Especially in Texas and North Dakota, efficient drilling boosted production.
Whether you’re a resident of a community considering community energy aggregation or a facilities manager who needs to trim energy costs, taking a deeper look at these trends can help you make better energy buying decisions. Relying on Good Energy’s expertise can help you save even more.
Good Energy implements a managed, measured approach to procuring energy that includes market forecasts and an expert understanding of trends product. Good Energy identifies ways to find the lowest price and most beneficial energy products for customers, despite the fluctuations of a sometimes volatile energy market.