Contrary to the U.S. government’s campaign to end fossil fuels, a report released by the Energy Information Administration (EIA) on Thursday projects that U.S. oil production will remain at historically high levels through 2050 despite the adoption of renewable energy solutions.
The 2023 Annual Energy Outlook report suggested that demand for oil will remain steady for decades, with production potentially even increasing between now and 2050. With multiple external reports also drawing the same conclusion, Thursday’s report comes as a government acknowledgement of the expectation that oil will remain in high demand.
EIA analysts expect U.S. oil supply to jump to 30 million barrels per day in 2050; up from the current output volume of 20 million barrels per day. Despite rising oil usage, the EIA also expects a rapid decline in CO2 levels as coal usage will continue to fall.
A marginal rise in EV adoption is expected by the EIA, with the Annual Energy Outlook report expecting that EVs will account for about 20% of vehicles on the road in 2050.