Since the 1970s, energy has played a diminishing role in economic growth with the offshoring of industrial production sometimes cited as a reason, but increased energy efficiency is the more likely culprit for the decline in energy intensity. Hard to believe, nowadays, but we would argue that current circumstances will reinforce the trend, at least for fossil fuels. What rational player would want a repeat of 2022?) But that’s not the topic today. In 2000-2020, both worldwide and in the U.S., energy consumption grew more slowly…
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