Line chart showing U.S. energy consumption by fuel (petroleum, natural gas, coal, nuclear, and total renewables) from 1786 to 2022 with projections through 2050. Consumption of energy from petroleum, natural gas, and renewables has increased and is expected to continue increasing. Consumption of nuclear energy has come down and is expected to flatten. Consumption of energy from coal has come down since 2006 and is expected to continue declining at a more gradual pace.
Sources: U.S. Energy Information Administration (EIA) and Wells Fargo Investment Institute. Annual data from January 1, 1786 to December 31, 2022. EIA forecast data from 2023–2050 as of December 31, 2023. Total renewables includes hydro, geothermal, wind, solar, and biomass primary energy consumption. Dotted lines represent EIA forecast data. Forecasts are not guaranteed and based on certain assumptions and on views of market and economic conditions which are subject to change. The commodities markets are considered speculative, carry substantial risks, and have experienced periods of extreme volatility.
Key Takeaways
- With carbon dioxide (CO2) and other greenhouse gas levels at such highs, government policies are increasingly incentivizing renewable energy adoption, helping to reduce the use of select fossil fuels, such as coal.
- Despite the accelerating green energy transition, fossil fuels will likely remain among the primary global energy sources for the foreseeable future.