This article is also featured in Energy Insights, which reflects a sample of ongoing research across the Center for Energy Studies’ diverse programmatic areas, all addressing the ever-evolving energy challenges across Texas, the U.S., and the globe. Read more from the inaugural edition.
Oil remains the world’s leading energy source, as has been the case for several decades (Figure 1). While the long-term role of oil in energy transitions remains uncertain, oil market developments will continue to have profound economic and geopolitical impacts for the U.S. and around the world in the near-term. As the U.S. election season ramps up, prices at the pump will remain a bellwether for consumer and business confidence and politicians’ approval ratings. Accordingly, crude oil and refined products will remain in the eyes of consumers, companies, and policymakers, even amid the long-term transition of the U.S. and global energy system.
Figure 1 — World Energy Consumption by Fuel, 2023