U.S. Department of Energy: Oil and Gas Production to Account for 68 Percent of Energy Consumption Over Next Two Decades -
"Natural gas is increasingly powering plants to produce electricity, but oil and natural gas are revitalizing the U.S. petrochemical industry, growing the liquefied natural gas industry, and boosting high-tech materials, the report states."
Why this is important: Oil and natural gas production is projected to account for 68 percent of energy consumption in the U.S. by 2040 and will play a key role as a bridge to a low carbon future, according to a new report published by the U.S. Department of Energy. Natural gas is increasingly powering plants to produce electricity due to the combination of profound shale finds and the evolution of horizontal drilling technologies. These same drivers are prompting the revitalization of the petrochemical, liquefied natural gas, and high-tech materials industries here in the U.S., the report finds. This level of continuing economic impact appears to turn upon the outcome of upcoming elections...
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